Pakistan, April 16 -- The Securities and Exchange Commission of Pakistan (SECP) said on Tuesday it had proposed amendments to the Companies Regulations 2024 to set up a centralized UBO Registry for the corporate sector in line with guidelines on financial transparency by the Financial Action Task Force (FATF).

UBOs (Ultimate Beneficial Owners) are the owners or the persons who are in charge of a company. A UBO register helps to prevent financial and economic crimes such as money laundering, financing terrorism, tax fraud, and corruption. The register makes it clear to whom money is sent so any potential financial crimes cannot be hidden behind a corporation.

"In terms of the proposed changes, companies would be required to submit UBO in...