KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has launched a facility for the online submission of ultimate beneficial ownership (UBO) declarations.
Through the SECP’s eService portal, online submission of statutory Form-45, which required to submit the declaration of ultimate beneficial ownership (UBO) under section 123A of the Companies Act, 2017, is possible. This is another forward step to promote beneficial ownership transparency.
The SECP had recently introduced amendments to the relevant laws and regulations to improve the standards of transparency in the ownership and control structure of corporate entities. These amendments were aimed at preventing the misuse of companies from money laundering and terrorist financing.
The Companies (General Provision & Forms) Regulations, 2018 specify 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 to file the declaration with ease and a reduced cost of filing.