In his first reaction since the Paradise Papers broke on Sunday, Prime Minister Joseph Muscat said the leak did not target countries like Malta, which adopts a system of a public register of companies.

On Sunday, the International Consortium of Investigative Journalists (ICIJ) released information on another massive leak of information, revealing the offshore activities of some of the world’s most powerful people and companies.  The ICIJ, together with 95 media partners investigated 13.4 million leaked files through a combination of leaked files from offshore service companies based in Bermuda and Singapore, as well as 19 company registries in some the world’s most secretive jurisdictions, inclusive of Malta.

The new leak shows Malta to be a popular destination for Azeri money and helps give an idea of the vast amounts of foreign business flowing through the island, The Times reported on Sunday.

In comments to The Malta Independent, the Prime Minister said “till now, no proof of any illegal or irregular circumstances has emerged. Our system of taxation is in line with all European regulations and other international organisations such as OECD.”

The Prime Minister added that: “Speaking about the regulation of the industry, transparency and financial services should not be mutually exclusive. On the contrary, transparency in this industry has to become the name of the game.”

“Transparency in Malta’s financial services and company registration will be more than ever one of Malta’s competitive advantages,” Muscat said.