The Senate Standing Committee on Finance discussed in detail the Limited Liability Partnership (Amendment) Act, 2020 and the Companies (Amendment) Act, 2020 in its meeting on Monday.
The committee was briefed by the Securities and Exchange Commission of Pakistan chairman and the Financial Action Task Force (FATF) Pakistan director general on the technical and effectiveness standards, which would be improved through these amendments.
The meeting was held under the chairmanship of Senator Farooq Hamid Naek at the Parliament House.
The committee observed that the intent of the legislation and the principle of stating the ownership of companies clearly and penalties in case of failure of doing so were agreed upon but who came under the term "Ultimate Beneficial Owner" and what constituted "Effective Control" had to be defined properly in the bill.
Published in The Express Tribune, August 18th, 2020.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ