I refer to the article by Martin Scicluna entitled ‘Integrity of Maltese Financial Services’ (Times of Malta, March 11).

Mr Scicluna evidently penned his article on the basis of a number of erroneous and unfounded considerations (many of which mere assumptions);  while not being at liberty to rebut a number of such assertions due to legal restrictions imposed by law, I would like  to highlight the following for the benefit of your readers:

The suggestions that “…Ganado Advocates exercised such light due diligence over this undertaking as to expose Malta to another accusation of corrupt practice…” and that “Malta’s foremost legal firm was so casual about conducting proper due diligence…” are rebutted in the most emphatic manner.

Such gratuitous assertions betray either sheer ignorance of the underlying facts or, worse still, sinister intentions by your contributor. Ganado Advocates is proud of the reputation it has earned over decades with hard work and professionalism and it is foolhardy to think it would compromise it by acting in the way Mr Scicluna claims it did.

It is relevant to point out that similar risk assessments were made by major international consultancy and audit firms, including McKinsey, Boston, and most of the Big Four accountancy firms, as well as by a number of international banks supervised by the ECB. At the time when the engagement was accepted, Ganado Advocates – like presumably all these major consultancy firms and banks – had found no reason to reject the engagement for the incorporation of the Malta companies.

Ganado Advocates was never involved in any audit or review of the financial statements of the companies and its role was limited to assisting with incorporation of the companies, providing some corporate support services, and furnishing legal advice on corporate law matters.

Back in 2015 when certain adverse press reports were already appearing in the international media, Ganado Advocates took the step of gradually disengaging.

Various new facts were revealed in recent weeks culminating in the Luanda leaks. Many of those facts were not known to Ganado Advocates at the time that the firm accepted to assist with the incorporation of the Malta companies.

As in the case of the international consultancy firms which had assisted the dos Santos group up to the beginning of this year, Ganado Advocates decided to disengage totally and not offer any further services to her and her group companies once previously unknown facts were published through the Luanda leaks.

Ganado Advocates has always taken its compliance obligations seriously, and regularly co-operates with the Maltese regulatory authorities to ensure legal and regulatory compliance. We are precluded at law from divulging the instances when the firm has filed Suspicious Transactions Reports with the FIAU and I am appalled by your contributor’s assumption that Ganado Advocates did not take the steps which are mandatory at law.

Ganado Advocates has conducted internal investigations and concluded that no member of the firm acted in any irregular, unethical or unlawful manner.

Decisions regarding risk assessments of potential and existing clients are by their very nature subjective, and Ganado Advocates remains fully committed to conduct such risk assessments at the levels expected of it in terms of Malta’s anti money laundering legislation, not least because it firmly believes that Malta’s financial services sector can only thrive internationally if due diligence standards are maintained.

Louis Cassar Pullicino, Managing partner, Ganado Advocates – Valletta