SECP to setup a centralized corporate Ultimate Beneficial Ownership (UBO) Registry
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has suggested modifications to the Companies Regulations, 2024 (the Regulations) with the aim of establishing a centralized Ultimate Beneficial Ownership (UBO) Registry for the corporate sector.
Under the proposed amendments, companies will be obligated to provide UBO details—already being collected from shareholders—to the Commission via the eZfile platform, along with other applicable regulatory forms and filings. Financial institutions will be able to access this data as needed.
Due to the joint efforts of various stakeholders, Pakistan was successfully taken off the Financial Action Task Force (FATF) grey list in 2022. This milestone significantly improved the country’s international reputation, helping to attract foreign investment and facilitate easier access to global financial markets.
In alignment with FATF guidelines, the centralized UBO Registry will ensure the availability of accurate, current, and complete ownership data. This reform not only reinforces Pakistan’s commitment to international compliance standards but also boosts investor trust in the country’s financial system.
The introduction of a centralized registry is intended to enhance financial transparency and bring Pakistan’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework in line with global benchmarks set by FATF, the Organization for Economic Cooperation and Development (OECD), and other international bodies.
SECP invites feedback on the proposed concept and consequent amendments (placed on https://www.secp.gov.pk/document/draft-amendments-to-companies-regulations-2024/?wpdmdl=56628&refresh=67fdf9d42b0c11744697812) from the business community, corporate sector, professionals, civil society and other stakeholders within 14 days.
SECP remains committed to strengthening Pakistan’s financial system through transparency, collaboration, and global best practices.
Comments can be provided at: aml.dept@secp.gov.pk and fozia.perveen@secp.gov.pk
