Karachi (Commerce Desk): The Securities and Exchange Commission of Pakistan (SECP) has launched a digital registry to record the ultimate beneficial ownership of companies.
According to SECP, information about the true owners of companies will now be stored online in the UBO registry, and all registered companies are required to provide details of their ultimate beneficial owners.
The commission stated that new companies will submit ownership information via Form 1, while existing registered companies will provide the data annually through Form 19.
SECP emphasized that the digital UBO registry will ensure a transparent record of company ownership and help prevent illegal activities. Submission of beneficial ownership information is mandatory in compliance with anti-money laundering regulations.
