Pakistan, April 22 -- The Securities and Exchange Commission of Pakistan (SECP) has directed all companies to ensure timely submission of Ultimate Beneficial Ownership (UBO) information through Form-19 on its eZfile portal. Section 123A of the Companies Act, 2017, requires all companies to file Form-19 declaring Ultimate Beneficial Ownership along with their annual return, says a press release issued by the SECP on Tuesday.

Disclosure of UBO information is essential to ensure corporate transparency, prevent misuse of corporate structures, and strengthen Pakistan's framework for combating money laundering and illicit financial flows.

UBO refers to the natural person(s) who ultimately own or control a company, whether directly or indirect...