The Securities and Exchange Commission of Pakistan (SECP) has launched a facility on its eService portal for online submission of statutory form 45, required for the declaration of ultimate beneficial ownership (UBO), under Section 123A of the Companies Act 2017. According to a statement issued on Thursday, the SECP introduced amendments to the relevant laws and regulations to improve the standards of transparency in the ownership and control structure of corporate entities. The amendments were aimed at preventing the misuse of companies from money laundering and terrorist financing. “This is another forward step to promote the beneficial ownership transparency,” it read. The SECP said, “The Companies (General Provision and Forms) Regulations 2018 specifies the procedure for companies to obtain, maintain and update information about their ultimate beneficial owners. The companies are required to provide a declaration of compliance to SECP, through form 45. This measure will facilitate the companies file the declaration with ease and reduced cost of filing.”
Published in The Express Tribune, April 16th, 2021.
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