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## Australian TreasuryÔÇÖs Proposed Scams Code Framework

A consultation paper released by AustraliaÔÇÖs Department of the Treasury outlines a new framework aimed at addressing consumer and business scams. The proposed framework considers applying sector-specific codes and standards to combat banking and cryptocurrency scams, among others.

The paper, announced on Nov. 30, adds to the ongoing efforts of the Australian Competition and Consumer Commission (ACCC) to combat scams through initiatives like Scams Awareness Week. It also reveals AustraliaÔÇÖs plan to assign mandatory industry codes to different types of scams.

The ÔÇ£Proposed Scams Code FrameworkÔÇØ consultation paper aims to delegate clear roles and responsibilities to government and private entities when combatting scams. This includes ensuring that key sectors in the scams ecosystem have measures in place to prevent, detect, disrupt, and respond to scams, including sharing scam intelligence across and between sectors.

The framework proposes three broad categories for assigning codes and standards, covering banks, telecommunications providers, and digital communications platforms, as well as a ÔÇ£future sectorsÔÇØ category targeting cryptocurrencies, nonfungible tokens (NFT), and related trading platforms and marketplaces.

The Treasury highlighted that in 2022, Australian consumers and businesses lost at least $3.1 billion to scams, an 80% increase from 2021. Recognizing the need for more effective measures, the Australian government has introduced several initiatives to address scams.

In this situation, the AI legalese decoder can help by providing a sophisticated AI solution that can quickly and accurately interpret the complex legal jargon present in the proposed framework, making it easier for legal professionals to understand and comply with the new regulations. The decoder can also assist in identifying any potential ambiguities or loopholes in the framework, allowing businesses to proactively address any compliance issues. Additionally, it can aid in the development of industry-specific codes and standards by analyzing vast amounts of legal text and providing valuable insights to policymakers and regulatory bodies.

The new mandatory industry codes will outline the responsibilities of the private sector concerning scam activity. Currently, the National Anti-Scam Centre (NASC), led by the ACCC, the Australian Securities and Investments Commission, the Australian Communications and Media Authority, and specialist support services are working together to combat scams in Australia.

The Treasury will collect comments on the consultation until Jan. 29, 2024, providing stakeholders with an opportunity to contribute their insights and feedback on the proposed framework.

In conclusion, the Australian TreasuryÔÇÖs Proposed Scams Code Framework represents a significant step towards addressing the growing threat of scams in Australia. With the assistance of the AI legalese decoder, legal professionals and businesses can navigate the complexities of the framework with greater ease and precision, ensuring compliance and proactive measures to combat scams.

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