In order to give a significant level of protection to consumers from white-collar crimes, a combination of strategies needs to be applied by the Australian government. Currently, the country’s system of regulation has been developed to some extent, but some improvements can be added to it. Particularly important in this regard is the analysis of international practice. For example, “in the United States specific legislation has been enacted make certain telemarketing practices illegal” . This practice is very efficient for protection of consumers from telemarketing.
This approach can be applied in Australia as well. Also, some other fraud practices can be made illegal in legislation, for example, advertisements of products which are completely different from the characteristics of the products. Another practice which can be borrowed by Australia from the US is the practice of “law enforcement gerontologists” [who] have been used to work with older people and community groups to alert potential victims to new schemes and initiate a variety of self-help programs, some of which make use of older people as volunteers.
” At present, Australia has already employed some of the world practices in regulations of white-collar crimes against consumers. The model of regulation which has been adopted in Australia conforms to the “regulatory pyramid” model. Regulation is provided at all the levels in order to bring the “white-collar crime cycle” to an end. Many issues are currently being addressed in order to improve the existing system of regulation. Very much attention is devoted to protection of older people in Australia.
For example, “the Australian Competition and Consumer Commission have powers to investigate and prosecute misleading and deceptive practices, whether they affect older persons or others. ” Some other instruments of regulation have been suggested by specialists. For example, Smith mentions that “in order to raise awareness of the problem of fraud directed at older persons, and to ensure that cases of deception may be prosecuted effectively, it has been suggested that specific legislation should be enacted to proscribe some of the more flagrant deceptive practices which target older people” .
Currently, police services in Australia deal with providing protection to consumers against all the types of fraud. The role of information in this regard is also very important. In order to keep consumers informed about all of the recent developments in the white-collar crimes, law enforcement agencies investigate all of the recent cases of white-collar crimes and give information about that to consumers. All of the people who can be potential victims of fraud activities are altered about the existing practices.
However, it is necessary for law enforcement agencies to provide a well-balanced policy in this regard. Oftentimes, due to the lack of planning, they notify those people who are not going to suffer from fraud and neglect those who are potentially sensitive to that. It has become clear nowadays that consumers need all kind of professional advice in order to be able to fight against fraud. “Professional advisers play a pivotal role in the prevention and control of white-collar illegality. They are in a position to exert a significant influence upon the moral climate within which their clients operate” .
The role of professional advisers has increased particularly rapidly due to the deregulation which has occurred in the recent years. If legislation does not regulate some of the issues, individuals start looking for ways to regulate their activities themselves. “The devolution of regulatory control responsibilities to independent professionals appears increasingly common. ” However, some issues have been discovered which can make the work of professional advisers in Australia not as efficient as it could otherwise be.
As Grabovsky has observed, “The lawyer sees him or herself as serving the public interest through the adversary system, rather than more directly, as is the case with members of other professions. Audit failure, by contrast, would appear to arise most commonly from commercial pressure, where accountants underprice their services and then tailor their work to fit the fee. When failure occurs, the professional denies responsibility for diagnosing and investigating fraud. ”