New ionic liquids made of diamagnetic cations and anions consisting of d- and f- transition metal complexes are gaining increasing recognition because of their marked paramagnetic behaviour. Compounds of this kind change their properties upon the application of a magnetic field in the few Tesla range, and provide new opportunities in biotechnology such as the purification of DNA. To investigate the microscopic mechanisms underlying these observed effects, we propose to quantify the magnetic field dependence of dynamical properties of the magnetic ionic liquids [bmim][FeCl4] for field strengths up to 5T, in the temperature range 180-340K. Models for the computer simulation of MIL's are being developed within our group. Their validation by comparison with experimental data could boost the development of joint simulation and experimental studies, and the development of applications.