Thursday, May 6, 2021
Home Business SECP automates UBO Forum for companies

SECP automates UBO Forum for companies

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has launched a facility on its eService portal for online submission of statutory Form-45, required to submit the declaration of Ultimate Beneficial Ownership (UBO), under Section 123A of the Companies Act, 2017.
“This is another forward step to promote the beneficial ownership transparency,” the SECP said in a press release on Thursday. The SECP introduced amendments to the relevant laws and regulations to improve the standards of transparency in the ownership and control structure of corporate entities.
The amendments were aimed at preventing the misuse of companies from money laundering and terrorist financing.
The SECP said,”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 file the declaration with ease and reduced cost of filing,” it added. – Agencies


Please enter your comment!
Please enter your name here

Most Popular

Next FY to be year of economic rehabilitation, says Hashim

Bureau Report LAHORE: Punjab Finance Minister Makhdoom Hashim Javan Bakht on Wednesday said that financial year (FY) 2021-22 would be the year of economic rehabilitation. Chairing...

Turkish Airlines post profit despite pandemic

Dm Monitoring Ankara: Turkey’s national flag carrier has become one of the first major airline companies to register a profit this year as cargo revenues...

FPCCI discusses budget proposals with FBR

FAISALABAD: Faisalabad Chamber of Commerce & Industry (FCCI) on Wednesday discussed the budget proposals presented by the FCCI for the year 2021-22 with Chaudhry...

Egyptian Court upholds seizure of vessel that blocked Suez Canal

Dm Monitoring Cairo: An Egyptian court upheld its decision to impound the massive container ship that blocked the Suez Canal, rejecting the owner’s appeal. Egyptian authorities...

Recent Comments