The Securities and Exchange Commission of Pakistan (SECP) will set up a centralized corporate Ultimate Beneficial Ownership (UBO) Registry for the corporate sector.<\/p>\n
A statement issued by the SECP on Tuesday said that the Commission has proposed certain amendments to the Companies Regulations, 2024 (the Regulations) to set up a centralized UBO Registry for the corporate sector.<\/p>\n
In terms of the proposed changes, companies would be required to submit UBO information, already being obtained from their shareholders, to the Commission through the eZfile portal along with other relevant regulatory returns\/forms.<\/p>\n
This information can be accessed by Financial Institutions, as and when required, it added.<\/p>\n
As a result of coordinated efforts made by various stakeholders, Pakistan was successfully removed from Financial Action Task Force (FATF) grey list in the year 2022.<\/p>\n
This achievement enhanced Pakistan\u2019s global credibility to attract foreign investment and improve access to international financial markets.<\/p>\n
In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date and comprehensive UBO data.<\/p>\n
This reform is expected not only to highlight Pakistan\u2019s commitment to global best practices but also strengthens investor confidence in the country\u2019s financial ecosystem.<\/p>\n
The centralized registry concept is aimed at boosting financial transparency and aligning Pakistan\u2019s AML\/CFT framework with global standards set by FATF, Organization for Economic Cooperation and Development (OECD) and other international organizations.<\/p>\n
SECP has invited feedback on the proposed concept and consequent amendments from the business community, corporate sector, professionals, civil society and other stakeholders within 14 days.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Securities and Exchange Commission of Pakistan (SECP) will set up a centralized corporate Ultimate Beneficial Ownership (UBO) Registry for the corporate sector. A statement issued by the SECP on Tuesday said that the Commission has proposed certain amendments to the Companies Regulations, 2024 (the Regulations) to set up a centralized UBO Registry for the […]<\/p>\n","protected":false},"author":2,"featured_media":460037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-472598","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n