California Bill Would Allow Tax Fraud Whistleblowers

False Claims Act exemption for tax matters would end

State attorney general backs plan

California’s attorney general wants to expand the state’s False Claims Act to allow whistleblowers to report alleged tax fraud. A bill he is sponsoring to extend California’s whistleblower law to tax matters is necessary to keep up with evolving corruption schemes. read more »

FCA proposes ban on cryptocurrency products

Financial Conduct Authority says crypto-assets are ill-suited to small investors and very volatile

The UK’s markets regulator has proposed a ban on financial instruments linked to digital cryptocurrencies such as bitcoin, warning that such products could cause huge losses for retail consumers unlikely to understand their risks or value.

The Financial Conduct Authority (FCA) said products such as derivatives and exchange-traded notes (ETNs) that reference crypto-assets were “ill-suited” to small investors.

It cited their “extreme volatility”, the difficulty in valuing them, consumers’ patchy understanding of what they were buying and the increased risk of financial crime. read more »

Hong Kong regulator bans former Goldman banker Leissner for life

Hong Kong’s financial regulator has banned former Goldman Sachs banker Tim Leissner from re-entering the industry for life for his crimes linked to the multi-billion-dollar scandal at the Malaysian state investment fund 1MDB.

The 1MDB case has shaken Goldman, which is being probed by the U.S. Justice Department for its role as underwriter and arranger for $6.5 billion worth of 1MDB bonds. read more »