Pakistan: Ordinance issued to check money-laundering, terror financing

The ordinance would authorise the government to ask foreign companies in Pakistan and locals that have invested abroad to know their investment and beneficiaries in the wake of Panama Papers leaks.  Under the new ordinance, the SECP will maintain a Companies’ Global Register of Beneficial Ownership, which will have a complete record of the beneficial ownership of the substantial shareholders and officers in local and foreign companies doing business in Pakistan. Moreover, it will be binding on the foreign company operating in Pakistan to provide complete information of its directors, officers and/or beneficial owners.