Público is a Portuguese daily national newspaper published in Lisbon, Portugal. Público was first published on 5 March 1990; the paper is owned by the Sonae group. In 1992 Italian media company Repubblica International Holding SA, a subsidiary of Gruppo Editoriale L'Espresso, acquired 16.75% of the paper. Público has its headquarters in Lisbon; the paper is known as a publication of the French school with few illustrations. Its first editor-in-chief was Vicente Jorge Silva sub-editor-in-chief at Expresso. José Manuel Fernandes served as the editor-in-chief of the paper. Since 2009 Bárbara Reis has served as the editor-in-chief. Público is one of the first Portuguese mainstream newspapers to have an online edition, started in 1995, its online edition was free and included all the articles from the print edition, except for the pictures. In 2005 it changed from a free-access to a subscription model. In 2006, the HTML version of the current day's edition became free again, while the other contents, such as the PDF version, enhanced HTML version and access to past editions, are still subject to registration and subscription.
The online edition of Público was named as Europe’s online-medium of the year in 2013. The paper was awarded the European Newspaper of the Year in the category of nationwide newspapers by European Newspapers Congress in 2014; the current editorial line is outspokenly pro-europeanist. Between January and March 2003 Público had a circulation of 60,000 copies; the circulation of the paper was 58,000 copies in 2003, making it the fourth best selling newspaper in the country. In 2005 the paper had a circulation of 46,111 copies. Next year its circulation was 41,706 copies. In 2007 it was the fourth best-selling Portuguese newspaper with a circulation of 42,000 copies, its 2008 circulation was 42,527 copies. The paper had a circulation of 38,229 copies in 2009 and 35,137 copies in 2010; the circulation of the paper was 33,159 copies in 2011. Its circulation was 28,360 copies between September and October 2013. P2 Ipsilon Fugas P3 Guia do Lazer Inimigo Público Cinecartaz Público Junior Economia Digital List of newspapers in Portugal Official website
The Panama Papers are 11.5 million leaked documents that detail financial and attorney–client information for more than 214,488 offshore entities. The documents, some dating back to the 1970s, were created by, taken from, Panamanian law firm and corporate service provider Mossack Fonseca, were leaked in 2015 by an anonymous source; the documents contain personal financial information about wealthy individuals and public officials, kept private. While offshore business entities are legal, reporters found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, tax evasion, evading international sanctions."John Doe", the whistleblower who leaked the documents to German journalist Bastian Obermayer from the newspaper Süddeutsche Zeitung, remains anonymous to the journalists who worked on the investigation. "My life is in danger", he told them. In a May 6, 2016, John Doe cited income inequality as the reason for his action, said he leaked the documents "simply because I understood enough about their contents to realize the scale of the injustices they described".
He added that he had never worked for any government or intelligence agency and expressed willingness to help prosecutors if granted immunity from prosecution. After SZ verified that the statement did in fact come from the source for the Panama Papers, the International Consortium of Investigative Journalists posted the full document on its website. SZ asked the ICIJ for help because of the amount of data involved. Journalists from 107 media organizations in 80 countries analyzed documents detailing the operations of the law firm. After more than a year of analysis, the first news stories were published on April 3, 2016, along with 150 of the documents themselves; the project represents an important milestone in the use of data journalism software tools and mobile collaboration. The documents were dubbed the Panama Papers because of the country; this led to an advertising campaign some weeks after the leak, titled "Panama, more than papers". Some media outlets covering the story have used the name "Mossack Fonseca papers".
In addition to the much-covered business dealings of British prime minister David Cameron and Icelandic prime minister Sigmundur Davíð Gunnlaugsson, the leaked documents contain identity information about the shareholders and directors of 214,000 shell companies set up by Mossack Fonseca, as well as some of their financial transactions. Much of this information does not show anything more than prudent financial management, it is not against the law to own an offshore shell company, although offshore shell companies may sometimes be used for illegal purposes. The journalists on the investigative team found business transactions by many important figures in world politics and art. Many of these transactions are quite legal. Since the data is incomplete, questions remain in many other cases; some disclosures – tax avoidance in poor countries by wealthy entities and individuals for example – lead to questions on moral grounds. According to The Namibian for instance, a shell company registered to Beny Steinmetz, owes more than $700,000 US in property taxes to the city of Koidu in Sierra Leone, is $150 million in the red though its exports were more than twice that in an average month in the 2012–2015 period.
Steinmetz himself has personal worth of $6 billion. Other offshore shell company transactions described in the documents do seem to have broken exchange laws, violated trade sanctions or stemmed from political corruption, according to ICIJ reporters. For example: Uruguay has arrested five people and charged them with money-laundering through Mossack Fonseca shell companies for a Mexican drug cartel. Ouestaf, an ICIJ partner in the investigation, reported that it had discovered new evidence that Karim Wade received payments from DP World, he and a long-time friend were convicted of this in a trial that the United Nations and Amnesty International said was unfair and violated the defendants' rights. The Ouestaf article does not address the conduct of the trial, but does say that Ouestaf journalists found Mossack Fonseca documents showing payments to Wade via a DP subsidiary and a shell company registered to the friend. Swiss lawyer Dieter Neupert has been accused of mishandling client funds and helping both oligarchs and the Qatari royal family to hide money.
Named in the leak were 12 current or former world leaders, 128 other public officials and politicians, hundreds of celebrities and other wealthy individuals of over 200 countries. Individuals and entities may open offshore accounts for any number of reasons, some of which are legal but ethically questionable. A Canadian lawyer based in Dubai noted, for example, that businesses might wish to avoid falling under Islamic inheritance jurisprudence if an owner dies. Businesses in some countries may wish to hold some of their funds in dollars said a Brazilian lawyer. Estate planning is another example of legal tax avoidance. American film-maker Stanley Kubrick had an estimated personal worth of $20 million when he died in 1999, much of it invested in an 18th-century English manor he bought in 1978, he lived in that manor for the rest of his life, filming scenes from The Shining, Full Metal Jacket and Eyes Wide Shut there as well. Three holding companies set up by Mossack Fonseca now own the property, are in turn held by trusts set
Francisco Pinto Balsemão
Francisco José Pereira Pinto Balsemão, is a Portuguese businessman, former journalist and retired politician, who served as Prime Minister of Portugal, from 1981 to 1983. He is the son of wife Maria Adelaide van Zeller de Castro Pereira. Being a licentiate in Law from the University of Lisbon, Pinto Balsemão's pre-political career was in newspaper publishing. After working as a journalist and as an administrator of Diário Popular from 1963 to 1971, he founded the Expresso magazine in 1973 and continued to direct it until 1980, he is one of top owners of Impresa media group. Pinto Balsemão was Member of parliament before the revolution, together with Francisco de Sá Carneiro, Joaquim Magalhães Mota, Carlos Mota Pinto, João Bosco Mota Amaral, Alberto João Jardim, António Barbosa de Melo and António Marques Mendes, he helped to found the Social Democratic Party, of which he is member number 1. In 1975 he was elected to the Constituent Assembly, charged with drafting a new constitution and served as an interim legislature.
Pinto Balsemão was chosen as a Vice-President of this body. Following the victory of the Democratic Alliance in two parliamentary elections, Pinto Balsemão held senior positions in two cabinets led by Prime Minister Sá Carneiro; when Sá Carneiro was killed in an air accident on 4 December 1980, the Social Democratic Party chose Pinto Balsemão to succeed him. Despite his reputation for competence, he was perceived as lacking Sá Carneiro's charisma, he had difficulty maintaining the level of support enjoyed by his party, based to a large extent on Sá Carneiro's personal popularity. He had to cope with friction within the Democratic Alliance, found the Democratic and Social Centre leader, Diogo Freitas do Amaral, a difficult ally; these factors contributed to his defeat in the parliamentary election of 1983. He retired from Parliament in 1987 though not from politics. Pinto Balsemão serves as Chairman of the European Publishers Council and as Chief Executive Officer of Grupo Impresa in Portugal, he was the founder on 6 October 1992 of Sociedade Independente de Comunicação, the first Portuguese private television network.
He is a member of Steering Committee of the Bilderberg Group, as such has attracted some controversy. He participated in more than 30 Bilderberg-Conferences since 1981, he is a Member of the Portuguese Council of State, elected by the Assembly of the Republic and chosen by the current President of the Republic his fellow party colleague and former president of the Social Democratic Party Aníbal Cavaco Silva. He married firstly and divorced Maria Isabel de Lacerda Pinto da Costa Lobo, daughter of Manuel da Costa Lobo Cardoso, Director-General of the Banco de Angola, wife Maria Amélia de Lacerda Rebelo Pinto, married secondly to José da Franca de Horta Machado Guedes Leitão Cruz, without issue, had two children: Mónica da Costa Lobo Pinto Balsemão, married to Filipe Pereira Caldas Penaguião, son of António Manuel de Paula Morando Penaguião, of Italian descent, wife Maria João da Costa Pereira Caldas, had two children. Henrique da Costa Lobo Pinto Balsemão, Director of Programs of SIC, married on 29 April 2006 to Vera Cravinho, had three children: Maria Cravinho Pinto Balsemão.
Concha Cravinho Pinto Balsemão. Vicente Cravinho Pinto Balsemão, he married secondly Maria Mercedes Aliu Presas, of Spanish descent, had two children: Joana Presas Pinto Balsemão, married to Francisco de Atouguia Belford Correia da Silva, son of Pedro de Barros Belford Correia da Silva, of the Counts of Paço de Arcos, of remote English ancestry, first wife Margarida Maria de Castro de Atouguia, of the Viscounts of de Atouguia, had three children. She went to St Julian's School in Carcavelos. Francisco Pedro Presas Pinto Balsemão, unmarried and without issue. Out of wedlock he had a son by Isabel Maria Supico Pinto, second wife without issue of Vasco Maria Vasques da Cunha d' Eça da Costa e Almeida, 3rd Viscount of Maiorca, natural daughter of Minister Clotário Luís Supico Ribeiro Pinto, by actress Maria Adelaide da Silva Lalande, wife of actor Ribeirinho: Francisco Maria Supico Pinto Balsemão, married Ana Duarte and had two daughters: Isabel Duarte Pinto Balsemão. Luísa Duarte Pinto Balsemão.
Grand Officer of the Order Merit, Portugal Grand-Cross of the Order of the Crown, Belgium Grand-Cross of
Newspaper of record
A newspaper of record is a major newspaper that has a large circulation and whose editorial and news-gathering functions are considered professional and authoritative. A newspaper of record may be a publicly available newspaper, authorised or maintained by a government to publish public or legal notices, therefore serves as a "newspaper of public record". A "newspaper of public record", sometimes referred to as an "official newspaper", refers to a publicly available newspaper, authorised by a government to publish public or legal notices, it is established by statute or official action and publication of notices within it, whether by the government or a private party, is considered sufficient to comply with legal requirements for public notice. In some jurisdictions owned newspapers may register with the public authorities to publish public and legal notices, or be otherwise eligible to publish said notices. A private newspaper may be designated by the courts for publication of legal notices, such as notices of fictitious business names.
These are sometimes referred to as "legally adjudicated newspapers". A variation of newspapers of public record are those newspapers controlled by governments or political parties that serve as official newspapers reflecting the positions of their controlling bodies. State organs such as the Soviet-era Izvestia and the People's Daily in China are examples of this type; the second type of "newspaper of record" is not defined by any formal criteria and its characteristics can be variable. The category consists of those newspapers that are considered to meet higher standards of journalism than most print media, including editorial independence and attention to accuracy, are renowned internationally. Despite changes in society, such newspapers have tended to maintain a similar tone, coverage and traditions; the term is believed to have originated among librarians, who began referring to The New York Times as the "newspaper of record" when, in 1913, it became the first U. S. newspaper to publish an index of the subjects covered in its pages.
In recognition of the usage, the Times held an essay contest in 1927 in which entrants had to demonstrate "The Value of The New York Times Index and Files as a Newspaper of Record". The Times, other newspapers of its type sought to be chroniclers of events, acting as a record of the day's announcements, directories, proceedings and appointments; the Times no longer considers itself a newspaper of record in the literal sense. Over time, historians began to rely on The New York Times and similar titles as a reliable archival record of significant past events and a gauge of societal opinions at the time of printing; the term "newspaper of record" thus evolved from its original literal sense to its understood meaning
Lisbon is the capital and the largest city of Portugal, with an estimated population of 505,526 within its administrative limits in an area of 100.05 km2. Its urban area extends beyond the city's administrative limits with a population of around 2.8 million people, being the 11th-most populous urban area in the European Union. About 3 million people live including the Portuguese Riviera, it is the only one along the Atlantic coast. Lisbon lies in the western Iberian Peninsula on the River Tagus; the westernmost areas of its metro area form the westernmost point of Continental Europe, known as Cabo da Roca, located in the Sintra Mountains. Lisbon is recognised as an alpha-level global city by the Globalization and World Cities Study Group because of its importance in finance, media, arts, international trade and tourism. Lisbon is the only Portuguese city besides Porto to be recognised as a global city, it is one of the major economic centres on the continent, with a growing financial sector and one of the largest container ports on Europe's Atlantic coast.
Additionally, Humberto Delgado Airport served 26.7 million passengers in 2017, being the busiest airport in Portugal, the 3rd busiest in the Iberian Peninsula and the 20th busiest in Europe, the motorway network and the high-speed rail system of Alfa Pendular links the main cities of Portugal to Lisbon. The city is the 9th-most-visited city in Southern Europe, after Rome, Barcelona, Venice, Madrid and Athens, with 3,320,300 tourists in 2017; the Lisbon region contributes with a higher GDP PPP per capita than any other region in Portugal. Its GDP amounts to thus $32,434 per capita; the city occupies the 40th place of highest gross earnings in the world. Most of the headquarters of multinational corporations in Portugal are located in the Lisbon area, it is the political centre of the country, as its seat of Government and residence of the Head of State. Lisbon is one of the oldest cities in the world, one of the oldest in Western Europe, predating other modern European capitals such as London and Rome by centuries.
Julius Caesar made it. Ruled by a series of Germanic tribes from the 5th century, it was captured by the Moors in the 8th century. In 1147, the Crusaders under Afonso Henriques reconquered the city and since it has been a major political and cultural centre of Portugal. Unlike most capital cities, Lisbon's status as the capital of Portugal has never been granted or confirmed – by statute or in written form, its position as the capital has formed through constitutional convention, making its position as de facto capital a part of the Constitution of Portugal. One claim repeated in non-academic literature is that the name of Lisbon can be traced back to Phoenician times, referring to a Phoenician term Alis-Ubo, meaning "safe harbour". Roman authors of the first century AD referred to popular legends that the city of Lisbon was founded by the mythical hero Odysseus on his journey home from Troy. Although modern archaeological excavations show a Phoenician presence at this location since 1200 BC, neither of these folk etymologies has any historical credibility.
Lisbon's origin may in fact derive from Proto-Celtic or Celtic Olisippo, Lissoppo, or a similar name which other visiting peoples like the Ancient Phoenicians and Romans adapted accordingly. The name of the settlement may be derived from the pre-Roman appellation for the Tagus River, Lisso or Lucio. Lisbon's name was written Ulyssippo in Latin by a native of Hispania, it was referred to as "Olisippo" by Pliny the Elder and by the Greeks as Olissipo or Olissipona. Lisbon's name is abbreviated to'LX' or'Lx', originating in an antiquated spelling of Lisbon as ‘’Lixbõa’’. While the old spelling has since been dropped from usage and goes against modern language standards, the abbreviation is still used. During the Neolithic period, the region was inhabited by Pre-Celtic tribes, who built religious and funerary monuments, megaliths and menhirs, which still survive in areas on the periphery of Lisbon; the Indo-European Celts invaded in the 1st millennium BC, mixing with the Pre-Indo-European population, thus giving rise to Celtic-speaking local tribes such as the Cempsi.
Although the first fortifications on Lisbon's Castelo hill are known to be no older than the 2nd century BC, recent archaeological finds have shown that Iron Age people occupied the site from the 8th to 6th centuries BC. This indigenous settlement maintained commercial relations with the Phoenicians, which would account for the recent findings of Phoenician pottery and other material objects. Archaeological excavations made near the Castle of São Jorge and Lisbon Cathedral indicate a Phoenician presence at this location since 1200 BC, it can be stated with confidence that a Phoenician trading post stood on a site now the centre of the present city, on the southern slope of the Castle hill; the sheltered harbour in the Tagus River estuary was an ideal spot for an Iberian settlement and would have provided a secure harbour for unloading and provisioning Phoenician ships. The Tagus settlement was an important centre of commercial trade with the inland tribes, providing an outlet for the valuable metals and salted-fish they collected, for the sale of the Lusitanian horses renowned in antiquity.
Mossack Fonseca & Co. (Spanish pronunciation: was a Panamanian law firm and corporate service provider. It was, at one time, the world's fourth largest provider of offshore financial services. From its 1977 foundation until the April 2016 publication of the Panama Papers it remained obscure though it sat at the heart of the global offshore industry, acted for about 300,000 companies. More than half are registered in British tax havens – as well as in the UK; the firm received worldwide media attention in April 2016, when the International Consortium of Investigative Journalists published information about its clients' financial dealings in the Panama Papers articles, following the release of an enormous cache of its documents from between 1970 and 2015 leaked to the news media. Journalist Daphne Caruana Galizia, who led the disclosure efforts, was subsequently murdered by a car bomb on October 16, 2017. On March 14, 2018, the law firm announced that it was shutting down, because of the economic and reputational damage inflicted by the disclosure of its role in global tax evasion by the Panama Papers.
The firm was founded by German lawyer Jürgen Mossack in 1977 and joined by Panamanian novelist/lawyer Ramón Fonseca in 1986. It added a third director, Swiss lawyer Christoph Zollinger, it specialized in commercial law, trust services, investor advisory, international business structures. It offered intellectual property protection and maritime law services. An internal memorandum revealed in the 2016 Panama papers leak noted that 95% of the company's work consisted of "selling vehicles to avoid taxes". In 2013, the firm was described as one of seven that collectively represented more than half of the offshore companies incorporated in Panama; the firm housed several Panama-incorporated companies within its offices. It was one of the largest firms in the corporate services industry. However, the founder claims that its volume represents only around 5% of the global financial services legal industry. According to The Economist, the firm has 5 to 10% of the global shell company market, it has been described as "tight-lipped".
The firm has nine offices in China, several in Latin America, others in the United States and Europe, with two in Switzerland. Lawyers from the firm have been sent to foreign countries to promote business in Panama and Panamanian financial products. Mossack established operations in the British Virgin Islands in 1987, where it incorporated more than 100,000 companies; the firm was consulted by the country of Niue when it sought to become an offshore financial center, managed that business for the country through their Panama headquarters. However, American banks imposed embargoes on bank transfers to Niue in 2001, leading to a shutdown of the business in 2005. Accounts of the firm's clients were moved from Niue to American Samoa; the firm has helped foreign citizens circumvent their local tax laws and sometimes international sanctions. The firm's founder has argued that it helps its clients achieve privacy, that it now complies with "know your customer" regulations. In 2014, MF Corporate Services was subpoenaed by a hedge fund seeking to recover money from the Argentinian government.
The fund alleged that MF had created shell companies to pass money from the government to Lázaro Báez, an ally of the Kirchner family. Jürgen Mossack testified under oath that M. F. Corporate Services Ltd. had no affiliation with the Panamanian Mossack Fonseca, but the Panama Papers show that it was in fact a wholly owned subsidiary and Mossack Fonseca tried to hide the relationship, ordering emails and other computer footprints deleted. Despite Mossack Fonseca's claim that it did not own MF Corporate Services, a Nevada judge ruled that the subpoena against Mossack Fonseca was valid; the firm was fighting an order that it turn over the details of 123 shell companies created by an associate of a former President of Argentina. In February 2015, the firm was implicated in the German government's investigation of money laundering and tax evasion schemes at Commerzbank. In January 2016, employees of the firm's Brazilian office were charged in relation to the ongoing Petrobras corruption scandal. In that case, a judge alleged that "Mossack Fonseca provided services for the opening of offshore societies, at least four agents were involved in a scheme to launder money."
The firm has responded that the Brazilian office is a "franchise" and not controlled by the main office in Panama. The firm's founder resigned from his advisory position to the Panamanian government to focus on the Brazilian allegations, says the firm has been cleared. On 3 April 2016, the German newspaper Süddeutsche Zeitung announced that 11.5 million confidential documents from the firm had been leaked to them. These documents, dubbed the "Panama Papers", reveal how clients hid billions of dollars in tax havens. Comprising documents dating from the 1970s to the present, the 2.6 terabytes of data was given to SZ in 2015 by an anonymous source. Because of the amount of data, SZ enlisted the help of the Washington-based International Consortium of Investigative Journalists; the firm says. In its full statement the company asserts that it conducts due diligence on potential clients, "routinely denying services" to those who are "compromised", "routinely resigns from client engagements" when ongoing due diligence and/or updates to sanctions lists reveal problems.
In addition, the company has said that responsibility for potential legal violations may lie with failures or lapses by other institutions given that: 90% of our clientele is comprised of professional clients, such as international financial institutions as well as trus
Reactions to the Panama Papers
This article lists some of the reactions and responses from countries and other official bodies regarding the leak of legal documents related to offshore tax havens from the law firm Mossack Fonseca, called the Panama Papers. Argentine President Mauricio Macri is listed as head of a trading company based in the Bahamas that he did not disclose during his tenure as Mayor of Buenos Aires. On April 7, 2016, federal prosecutor Federico Delgado began a formal investigation into Macri's involvement with Fleg Trading Ltd. the company registered in Panama for which President Macri was listed as director. Judge Sebastián Casanello was asked to start the file on the inquiry; the initial petition was made by Neuquén representative Darío Martínez. Martínez claims. Martínez referenced another offshore company, Kagemusha SA, established in 1981 and to which President Macri had connections. On 20 September 2017, the civil judge Andrés Fraga determined that in the company Fleg Trading Ltd, of the Bahamas, Mauricio Macri only accepted the position of director for which he was appointed to the sole and only effect of designating a replacement and resigning, that in Kagemusha he did not accept tacitly the position of director for which he was appointed by Francisco Macri.
The ruling adds that neither of the two companies he was a shareholder, that he did not receive any dividends or profits, did not participate in the business decisions or in any business, nor was he the owner or co-owner of any current bank account of the companies. The family of Argentine football player Lionel Messi announced that they will file a complaint after reports accused him of assembling a tax evasion network in Panama; the family denied Messi had been called the accusations slanderous. They said that the company referred to in the Panama Papers was inactive and that Messi had declared all income from image rights before and after proceedings with the Argentine Tax Agency. On April 4, 2016 Hetq Online reported that according to the Panama Papers, Major-General of Justice and head of the Armenia's Compulsory Enforcement Service Mihran Poghosyan was connected to three Panama-registered companies. On April 8, Armenian Transparency International Anti-Corruption Center filed a petition with the Ethics Committee for High Level Officials, requesting an investigation of Poghosyan.
Members of the families of Poghosyan's uncles Grigor and Mikhail Haroutyunyan were mentioned in connection with his business. The Australian Taxation Office has announced that it is investigating 800 individual Australian taxpayers on the Mossack Fonseca list of clients and that some of the cases may be referred to the country's Serious Financial Crime Task Force. Azerbaijani President Ilham Aliyev did not respond to repeated requests for comments. According to ICIJ website, "The family of Azerbaijan President Ilham Aliyev leads a charmed, glamorous life, thanks in part to financial interests in every sector of the economy.... Arzu, has financial stakes in a firm that won rights to mine for gold in the western village of Chovdar and Azerfon, the country's largest mobile phone business. Arzu is a significant shareholder in SW Holding, which controls nearly every operation related to Azerbaijan Airlines, from meals to airport taxis. Both sisters and brother Heydar own property in Dubai valued at $75 million in 2010.
According to numerous media outlets, two conglomerates and thirty-two Bangladeshi shareholders are listed. Top business personalities include Muhammed Aziz Khan, Mohiuddin Monem, Samson H. Chowdhury. Awami League Presidium member Kazi Zafarullah and his wife Nilufar Zafar are said to be in the list. On April 7, 2016, The Anti Corruption Commission Bangladesh launched an inquiry to obtain details of the businesses and individuals and said that tax evaders would be brought to trial and punished. Politicians from seven parties in Brazil were named as clients of a Panama-based firm at the center of a massive data leak over possible tax evasion; the leaked files included politicians from Brazil's largest party, the PMDB, which broke away from President Dilma Rousseff's coalition in 2016. Political figures from the PSDB, the most prominent opposition party in the country, was mentioned in the leaks, as well as others from the PDT, PP, PSB, PSD and the PTB parties. No politicians from Rousseff's Party were mentioned in the leaks.
A research in the Panama papers, from a group of Dutch journalists from the daily newspaper Trouw, has shown that TV Globo is cited "many times" in a money laundering investigation of the De Nederlandsche Bank which revealed that for years the media outlet conducted several "irregular financial transactions" through tax havens in order to pay broadcast rights for the Copa Libertadores. In the British Virgin Islands Mossack Fonseca were subjected to a 6-month investigation by the regulator, the British Virgin Islands Financial Services Commission. At the end of the investigation they were fined US$440,000 for breaches of regulations countering terrorist financing regulations and against money laundering; the fine was the highest levied by the regulator, just short of the maximum fine that they had power to impose. Canadian Prime Minister Justin Trudeau has denied any involvement with the leak, saying "I have and been transparent about mine and my family’s finances; that i