ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed major amendments to the Companies Regulations, 2024, to establish a centralised Ultimate Beneficial Ownership (UBO) Registry—aimed at strengthening corporate transparency and aligning with international anti-money laundering (AML) standards.
Under the draft amendments, companies will be required to submit UBO information already collected from shareholders through the SECP’s eZfile portal, alongside other regulatory returns. This centralised data will be made accessible to financial institutions as needed, streamlining due diligence and compliance processes.
“This reform will ensure the maintenance of accurate, up-to-date, and comprehensive beneficial ownership data,” SECP said in a statement. The initiative is part of a broader push to align Pakistan’s AML and Counter Financing of Terrorism (CFT) framework with standards set by the Financial Action Task Force (FATF), the OECD, and other global bodies.
The move follows Pakistan’s removal from the FATF grey list in 2022, a milestone achieved through coordinated institutional reforms. That delisting improved the country’s international credibility, encouraged foreign investment, and expanded access to global financial markets.
The centralised UBO registry is expected to reduce financial opacity, combat illicit financial flows, and increase trust in Pakistan’s regulatory environment. SECP has invited feedback on the proposed changes from businesses, professionals, civil society, and other stakeholders within 14 days.
“SECP remains committed to strengthening Pakistan’s financial system through transparency, stakeholder collaboration, and adherence to global best practices,” the Commission added.
