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SECP Orders Companies to List their Real Owners

The SECP has intensified its efforts to fight terror financing and cash laundering. On the directive of Chairman Shaukat Hussain, the SECP has issued Round No 16 of 2018, with a view to sustaining a register of final helpful possession.

This round has been issued to all corporations, making them accountable to adjust to Part 453 of the Corporations Act.

The round has directed all the businesses having authorized individuals as their members/shareholders to acquire and keep up-to-date data regarding their final helpful homeowners, i.e. pure individuals who finally personal or management the corporate by direct or oblique possession of not lower than 10% shares, voting rights, possession or controlling curiosity in that firm.

Corporations shall acquire the final word helpful possession data from their members, and likewise guarantee to take care of and replace this data in a register of helpful possession.

The knowledge is required to be obtained and maintained no matter the variety of ranges of possession sample, till the pure individual exercising final possession or management and mendacity on the finish of the possession chain, is revealed.

The minimal fields of knowledge required to be by the businesses have been specified by the round. In case no pure individuals are recognized after having exhausted all potential means, or there may be any doubt that the individuals recognized are the helpful homeowners, there shall be entered within the register of helpful possession the names of the pure individual(s) who maintain the place of senior managing official(s) of the corporate.

This round has been issued in pursuance of creating Pakistan compliant with 40 suggestions, which function worldwide requirements for combating ML/TF. Pakistan is a member of APG-a FATF Styled Regional Physique (FSRB) and is required to undertake FATF requirements as per membership obligations, and likewise to adjust to the UN decision.

 

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