KARACHI: 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 information, already being obtained from their shareholders, to the Commission [SECP] through the eZfile portal along with other relevant regulatory returns/forms,” the SECP said in a statement.
“This information can be accessed by Financial Institutions, as and when required.”
Pakistan was removed in 2022 from a FATF grey list that warranted increased surveillance for terrorism financing. Pakistan was listed in 2018 because of “strategic counter-terrorist financing-related deficiencies.”
“In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date and comprehensive UBO data. This reform is expected not only to highlight Pakistan’s commitment to global best practices but also strengthens investor confidence in the country’s financial ecosystem,” SECP said.
The Commission said the centralized registry concept was aimed at boosting financial transparency and aligning Pakistan’s ‘Anti-Money Laundering and Countering the Financing of Terrorism’ framework with global standards set by FATF, the Organization for Economic Cooperation and Development (OECD) and other international organizations.
Pakistan moves to amend company laws to curb financial crimes under FATF guidelines
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Pakistan moves to amend company laws to curb financial crimes under FATF guidelines
- SECP plans to introduce centralized registry of Ultimate Beneficial Owners of corporate companies
- UBO register helps to prevent crimes such as money laundering, financing terrorism, tax fraud and corruption
Pakistan to cancel passports, register cases against deported citizens
- Move follows Middle East complaints over Pakistani nationals involved in begging
- A committee has also been tasked with strengthening passport rules and regulations
KARACHI: Pakistan’s federal government on Saturday decided to take stringent measures against its citizens deported from other countries for illegal activities by canceling their passports and registering criminal charges, in a bid to curb a growing issue that officials say is tarnishing the country’s international image.
The move follows mounting complaints, particularly from Middle Eastern countries, about public begging and undocumented migration involving Pakistani nationals.
The decision was made at a high-level meeting chaired by Interior Minister Mohsin Naqvi in Islamabad.
“It was decided during the meeting that FIRs [First Information Reports] would be registered against deported individuals and their passports would also be canceled,” an official statement released after the meeting said. “The deportees would be placed on the Passport Control List for five years.”
Earlier this year, Pakistan’s Federal Investigation Agency (FIA) said approximately 4,000 beggars had been deported by Saudi Arabia from 2022 until the end of 2024.
“Deportees are causing embarrassment for Pakistan at international level,” Naqvi said. “Thus, no leniency will be shown to them in the future.”
To further tighten passport regulations, the interior ministry also formed a committee led by the interior secretary.
According to the statement, the committee has been tasked with proposing reforms to strengthen the passport issuance process and enforce stricter scrutiny.
Last month, over 100 Pakistanis deported from various European countries arrived in Islamabad, with officials indicating that many had been involved in fraudulent or undocumented migration.
The latest measures build on earlier actions by the interior ministry aimed at discouraging illegal migration and curbing human trafficking.
Naqvi had previously announced plans to block the issuance of new travel documents to deportees and crack down on travel agents implicated in human smuggling.
Pakistan’s army chief hosts dinner for political leadership, praises their ‘foresight’ during India standoff
- The dinner was attended by President Zardari and Prime Minister Sharif along with other top officials
- Field Marshal Asim Munir hails the military’s performance and the public’s resilience during the war
ISLAMABAD: Pakistan’s army chief praised the political leadership’s “strategic foresight” during a four-day military clash with India, according to an official statement on Saturday, as he hosted a dinner in their honor for their role in the conflict.
The event followed a brief but intense conflict earlier this month in which both nuclear-armed neighbors exchanged missile, drone and artillery strikes before agreeing to a US-brokered ceasefire.
As part of a series of honors marking Pakistan’s response, the government promoted the army chief, Syed Asim Munir, to the five-star rank of Field Marshal.
“In his remarks, the Chief of Army Staff expressed profound gratitude to the political leadership for their strategic foresight during Marka-e-Haq and lauded the seamless inter-services coordination that ensured operational success in Operation Bunyanum Marsoos,” Pakistan’s military media wing, ISPR, said in a statement.
The dinner brought together top political and military leaders including President Asif Ali Zardari, Prime Minister Shehbaz Sharif and service chiefs, as well as leaders from major political parties.
All the participants hailed the military’s performance and the public’s resilience during what officials described as a defining moment for the nation.
Munir also praised Pakistan’s youth and media for acting as a “steel wall” against what he called a disinformation campaign launched by India.
He further acknowledged the role of Pakistani scientists, engineers and diplomats, calling their efforts “critical” to the national response.
The gathering, according to the ISPR, served as a demonstration of unity and reaffirmed Pakistan’s collective resolve to move forward with “renewed strength and cohesion.”
Indian troops shoot dead Pakistani crossing frontier
- Incident occurred two weeks after India and Pakistan agreed to a ceasefire following a four-day conflict
- India’s border force says the man crossed the international border and failed to stop when challenged
AHMEDABAD: Indian border troops shot dead a Pakistani man who they said had crossed the international frontier and did not stop when challenged, the force said Saturday.
The shooting comes two weeks after arch-rivals India and Pakistan agreed a ceasefire after a four-day conflict, in which more than 70 people were killed in missile, drone and artillery fire.
India’s Border Security Force (BSF) said its troops Friday evening had spotted “one suspicious person advancing toward the border fence,” which lies beyond the international frontier in Gujarat state’s Banaskantha district.
“They challenged the intruder, but he continued to advance, prompting them to open fire,” the BSF said in a statement. “The intruder was neutralized on the spot.”
A photograph released by the force showed a dead man with greying hair.
The recent conflict between the nuclear-armed rivals was triggered by an attack on tourists in Indian-administered Kashmir on April 22, the deadliest on civilians in the contested Muslim-majority territory in decades.
New Delhi blamed Islamabad for backing the militants it said carried out the attack, charges that Pakistan denied.
Pakistan PM to begin five-day tour tomorrow of Central Asia, Turkiye and Iran
- The development comes two weeks after Pakistan and India traded missile, drone and artillery strikes before agreeing to a truce on May 10
- During the four-day conflict, several friendly nations supported Pakistan’s demand for a probe into an attack that triggered the standoff
ISLAMABAD: Prime Minister Shehbaz Sharif will embark on Sunday on a five-day tour of Turkiye, Iran, Azerbaijan and Tajikistan to hold discussions about matters of regional and international importance, the Pakistani foreign office said, weeks after a military conflict between Pakistan and India.
Pakistan and India this month traded missile, drone and artillery strikes for days, killing 70 people, before agreeing to a US-brokered ceasefire on May 10.
The conflict was triggered by an attack on tourists in Indian-administered Kashmir on April 22 that New Delhi blamed on Pakistan. Islamabad denies complicity.
During the conflict Several friendly nations supported Pakistan’s demand for a credible, international probe into the attack as they urged the nuclear-armed archfoes to exercise restraint.
“The prime minister will have wide-ranging discussions with the leaders of these countries on an entire range of issues covering bilateral relations and matters of regional and international importance,” the Pakistani foreign office said.
“He will also have the opportunity to express the deepest appreciation and acknowledgment for the support extended to Pakistan by the friendly countries during the recent crisis with India.”
Bitter rivals India and Pakistan have fought three wars, including two over the disputed region of Kashmir, since gaining independence from British rule in 1947. Both claim the Himalayan territory in its entirety but rule it in part.
The latest conflict between the two was the deadliest in more than two decades and raised fears that it could spiral into a full-blown war.
During his visit aimed at furthering Pakistan’s diplomatic outreach, Sharif will also attend the International Conference on Glaciers in Dushanbe, Tajikistan, according to the Pakistani foreign office.
The conference, to be held on May 29-30, aims to advance global efforts in climate adaptation and resilience, with a specific focus on addressing glacial melting.
Pakistan is highly vulnerable to climate change, facing numerous impacts like rising temperatures and increased frequency of extreme weather events.
Officials say unusually high temperatures in Pakistan’s northern areas have resulted in rapid melting of glaciers, warning that the prolonged phenomenon could lead to water shortages and threaten lives in the longer run.
Alibaba launches online logistics services for Pakistani exporters
- Pakistani small and medium-sized enterprises have long struggled with optimizing their export processes to participate in global trade
- Alibaba says it has partnered with leading delivery companies to supporting the export of Pakistani goods to over 200 countries and regions
KARACHI: Alibaba, a Chinese-owned platform for global business-to-business (B2B) e-commerce, has launched online logistics services that are tailored to assist Pakistani exporters in optimizing their international trade processes, it said this week.
The explosive growth of cross-border e-commerce has created new opportunities for Pakistani small and medium-sized enterprises (SMEs), which face significant challenges in optimizing their export processes to participate in global trade. Logistics has been identified as a major obstacle as businesses must find effective and reliable shipping solutions to ensure timely deliveries while minimizing costs and risks, according to the e-commerce giant.
Alibaba has partnered with leading international express delivery companies, such as CPEX, with the goal of supporting the export of Pakistani goods to over 200 countries and regions around the world. The service not only supports fast and reliable international shipping options but also integrates the entire logistics process from packaging and warehousing to delivery, thus helping businesses optimize costs and time.
Through its international express delivery partners, Alibaba will ensure that goods are transported safely and on schedule, while also providing detailed order tracking tools, and customs advisory services. These features will help businesses minimize risks and enhance their competitiveness in the international market.
“Online logistics services are essential for small and medium-sized enterprises in global trade. They not only streamline operations and reduce costs, but also empower businesses to reach global markets with ease,” said Summer Gao, head of global supply chain at Alibaba.
"By leveraging advanced technologies and comprehensive solutions, Alibaba.com helps support Pakistani SMEs in enhancing their competitiveness, ensuring timely deliveries, and responding swiftly to market demands, ultimately fueling their growth and success in the global arena."
Pakistan, which is currently treading a long path to economic recovery, has urged local businesses to increase exports as the government looks to boost trade and investment to revive the over $350 billion South Asian economy.
Launched in 1999, Alibaba serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering various aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently.
The e-commerce giant said its logistics services for Pakistani sellers are cost-effective, have enhanced order tracking and control capabilities, and offer a fully digitalized order fulfillment process for packages dispatched to multiple countries and regions.
“The introduction of Alibaba.com's logistics services has greatly accelerated our transaction processes and bolstered customer trust,” said Zulqarnain Baryar, CEO of Clush Industries that specializes in garment production.
"With features such as detailed tracking and optimized shipping routes, these services ensure timely deliveries and improved risk management. These enhancements have not only streamlined our operations but have also facilitated new business opportunities internationally, allowing us to confidently expand our presence."
Berry Ma, head of Pakistan business at Alibaba, said their new logistics services aim to support Pakistani exporters by providing efficient solutions to overcome traditional barriers in international trade.
“We're committed to offering essential tools to help Pakistani businesses tap into significant growth opportunities in global markets,” Ma said.
