The Securities and Exchange Commission of Pakistan (SECP) has launched on its e-services portal service for online filing of Legal Form-45 required to file Ultimate beneficial owner (UBO) declaration.

“This is another step towards advancing beneficial ownership transparency,” the SECP said in a press release Thursday.

The Securities and Exchange Commission has amended relevant laws and regulations to improve transparency standards in corporate ownership and control.

The amendments aim at preventing the misuse of companies for money laundering and terrorist financing.

The 2018 Regulations on Companies (General Provisions and Forms) set out the procedure for obtaining, storing and updating information about their ultimate beneficial owners, ”the commission said, adding that companies must submit a statement of SECP compliance through a form. Four five.

“This measure will make it easier for companies to file a declaration and reduce its cost,” he added.

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