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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has announced proposed amendments to the Companies Regulations, 2024, to establish a centralized UBO registry for the corporate sector. This move aims to improve transparency, align with global anti-money laundering (AML) standards, and reinforce investor confidence in Pakistan’s financial system.
As per the proposed amendments, companies will be required to submit Ultimate Beneficial Ownership (UBO) information—already collected from their shareholders—to the SECP through the eZfile portal. This submission will accompany other regulatory forms and returns. Once operational, the centralized UBO registry will be accessible to Financial Institutions on a need-to-know basis.
The initiative supports Pakistan’s ongoing commitment to global compliance efforts. Following coordinated actions from various stakeholders, Pakistan was removed from the Financial Action Task Force (FATF) grey list in 2022—a milestone that boosted its international credibility, improved access to financial markets, and enhanced foreign investment potential.
The centralized UBO registry is designed to ensure that UBO data remains accurate, up-to-date, and comprehensive. This system will also align Pakistan’s financial regulations with global standards set by FATF, the Organization for Economic Cooperation and Development (OECD), and other international bodies.
This reform is part of broader efforts to strengthen the country’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework, while also showcasing Pakistan’s alignment with international best practices for corporate governance and financial transparency.
By introducing the centralized UBO registry, the SECP aims to facilitate better regulatory oversight, reduce financial crime risk, and foster a more transparent and investor-friendly corporate environment in Pakistan.
