EMD Advisory Services Limited today said that it has never assisted any politically exposed persons (PEPs) from any jurisdiction, including Malta, to set up any company, trust or other entity, whether as fiduciary or not, in the British Virgin Islands (BVI), Panama or similar jurisdiction.

In a statement following the publication of the Panama Papers yesterday, EMD said that together with other reputable firms and companies in Malta, EMD provides corporate services in the financial services sector. It is firms like this that over the past 16 years have helped Malta become the successful financial services centre that it is today.

It added that Richard Cachia Caruana’s relationship with EMD is solely that of consultant to the firm and its clients with respect to EU-related matters. He has never held any shares, directorships or other positions of management in EMD.

In comments to The Malta Independent on Monday, Richard Cachia Caruana had said he holds no shares in companies in Panama, the British Virgin Islands or any other tax haven and has never held any. He said he has not provided advice about the opening or otherwise of companies in Panama, the British Virgin Islands or any other tax haven at any stage of his professional career. He added that he has no conflicts of interest between his personal holdings and any State interests and has never had any.

Mr Cachia Caruana said his relationship with EMD is solely to provide this firm and its clients with advice on EU related matters and he has never had any shareholding or other financial interest in the firm nor has he ever held any directorships or management positions with the firm. "The current attempts by members of the Prime Minister's staff to imply any connection between me and the Panama Papers are therefore totally deceitful," he said.

Panama Papers