ISLAMABAD – The Security Exchange Commission of Pakistan has intensifiedits efforts to combat terror financing and money laundering.
A press release says, on the directive of Chairman Shaukat Hussain, theSECP has issued Circular with a view to maintaining a register of ultimatebeneficial ownership.
This circular has been issued to all companies making them responsible tocomply with Section 453 of the Companies Act.
The circular has directed all the companies having legal persons as theirmembers/shareholders to obtain and maintain up-to-date information relatingto their ultimate beneficial owners likewise natural persons who ultimatelyown or control the company.