SECP automates ultimate beneficial ownership for companies

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).

“This is another forward step to promote the beneficial ownership transparency,” the SECP said in a press release on Thursday.

The SECP has 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.

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“The companies (General Provision & Forms) Regulations, 2018 specify the procedure for companies to obtain, maintain and update information about their ultimate beneficial owners,” the commission said, adding that companies are required to provide a declaration of compliance to SECP, through Form 45.

“This measure will facilitate companies in filing the declaration with ease and reduce the cost of filing,” it added.

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