The Securities and Exchange Commission of Pakistan (SECP) has unveiled a new digital Ultimate Beneficial Ownership (UBO) registry, which aims to bring transparency to company ownership, it was reported on Monday.
The online platform will store information about the ultimate owners of all registered companies, making it easier to track and verify real ownership.
Under the new system, providing details of ultimate beneficial owners is now mandatory for all companies, according to a press release issued.
Newly registered companies must submit ownership information via Form 1, while existing companies are required to update their records annually using Form 19.
According to the SECP, the UBO registry will help prevent the illegal use of companies and ensure compliance with anti-money laundering regulations, enhancing corporate accountability and governance across Pakistan.
