The Securities and Exchange Commission of Pakistan (SECP) has made it possible to apply statutory Form-45, the declaration of ultimate beneficial ownership, online through its eService portal (UBO).
In a press release issued on Thursday, the SECP said, “This is another step forward in promoting beneficial ownership transparency.”
The SECP has made changes to the applicable laws and regulations in order to increase clarity in the ownership and control system of corporations.
The reforms were intended to discourage businesses from being used for money laundering and terrorist funding.
“The Companies (General Provision & Forms) Regulations, 2018 prescribe the procedure for companies to acquire, retain, and update information about their ultimate beneficial owners,” the commission said, adding that firms must submit a declaration of compliance to SECP through Form 45.
“This initiative would make it easier for businesses to file their declarations and reduce the cost of doing so,” it added.