ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is moving forward with plans to establish a centralized Ultimate Beneficial Ownership (UBO) Registry, according to recent amendments proposed to the Companies Regulations, 2024. This new system is designed to enhance financial transparency and align Pakistan’s regulatory framework with international standards.

Under the proposed amendments, companies will need to provide UBO information — already collected from shareholders — to the SECP via the eZfile portal. This information will be accessible to financial institutions when necessary, facilitating improved oversight and compliance.

The introduction of the UBO Registry follows Pakistan’s removal from the Financial Action Task Force (FATF) grey list in 2022, a milestone that bolstered the country’s credibility in attracting foreign investments and accessing international financial markets.

The centralized registry aims to maintain an accurate and comprehensive database of beneficial ownership, reflecting Pakistan’s commitment to global best practices. This initiative is expected to not only enhance investor confidence but also strengthen the country’s financial ecosystem.

By adopting this registry, Pakistan seeks to align its Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) frameworks with global standards set by FATF and other international organizations. The SECP remains dedicated to improving Pakistan’s financial system through enhanced transparency and collaboration.