KARACHI: In a strategic move to bolster corporate transparency and combat financial crimes, the Securities and Exchange Commission of Pakistan (SECP) has officially launched a digital registry for the “Ultimate Beneficial Owners” (UBO) of companies. According to the SECP, this online UBO registry will serve as a centralized database for information regarding the real owners behind registered corporate entities, making it mandatory for all companies to provide details of their ultimate beneficiaries.
Regarding compliance, the SECP stated that new companies must now submit ownership details via Form 1 at the time of incorporation, while existing companies are required to report and update their information through the annual Form 19.
The commission highlighted that this digital registry is a critical step toward ensuring transparent record-keeping and preventing the illegal misuse of corporate structures. By maintaining a clear trail of ownership, the SECP aims to meet the stringent requirements of Anti-Money Laundering (AML) laws and align Pakistan’s corporate sector with international regulatory standards. This initiative will help identify individuals who truly exercise control or enjoy the profits of a company, fostering a more accountable business environment.
