Islamabad: Pakistan fulfills another demand of Financial Action Task Force The government has decided to eliminate anonymous companies in the corporate sector.
According to a statement issued by the Security and Exchanges Commission Pakistan at the SECP Board Meeting: Amendments were approved in the CompanySec, Limited Liability Act 2017. These amendments are aimed at clearing companies from money laundering and terror funding. Under the amendments 25% of the shareholders will be reached through the original ownership of the companies.
According to the SECP, the corporate sector will be cleared of money laundering.