Pakistan pushes major legislation in effort to exit FATF grey list
Last updated on: 04 August,2020 06:47 pm
Pakistan pushes major legislation in effort to exit FATF grey list
ISLAMABAD (Dunya News) - Pakistan has taken serious steps in an effort to come out of the Financial Action Task Force (FATF)’s grey list, the latest of which is a legislative bill to amend the Companies Act 2017 being presented in Parliament.
Section-123 has been added to the Companies Act 2017 for the complete eradication of benami companies, under which not only the original owners of the company but also the owners of its subsidiaries will have to be declared.
Section 60 is also being added along with 60-A, which will mandate the provision of details about major shareholders benefiting from the companies while under Section 60-A, holding bearer shares will be completely abolished.
Banned organizations will not be able to acquire the shares of companies under Section 60A, and suspicious remittances in share transactions will also be completely eliminated.