Govt decides to amend Companies Act to comply with FATF conditions
Last updated on: 22 July,2020 01:23 pm
Banned organizations will not be allowed to buy shares: sources
ISLAMABAD (Dunya News) – Government has decided to amend Companies Act 2017 in order to comply with conditions of Financial Action Task Force (FATF).
According to sources, the proposed amendments in the act will put an end to anonymous companies as disclosing real owner of the company and its subsidiaries will be mandatory under section 123. Details of major shareholders benefiting from the companies will have to be disclosed while banned organizations will not be allowed to buy shares under section 60-A.