Ultimate beneficial ownership form automated for companies

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Staff Reporter
Islamabad

The Securities and Exchange Commission of Pakistan (SECP) has launched a facility on its eService portal for online submission of statutory Form-45, required to submit the declaration of ultimate beneficial ownership (UBO), under section 123A of the Companies Act, 2017. This is another forward step to promote the beneficial ownership transparency.

According to details, the SECP had introduced amendments to the relevant laws and regulations to improve the standards of transparency in the ownership and control structure of corporate entities.

These amendments were aimed at preventing the misuse of companies from money laundering and terrorist financing.

The Companies (General Provision & Forms) Regulations, 2018 specify the procedure for companies to obtain, maintain and update information about their ultimate beneficial owners.