The Security Exchange Commission of Pakistan has intensified its efforts to combat terror financing and money laundering.

A press release says, on the directive of Chairman Shaukat Hussain, the SECP has issued Circular with a view to maintaining a register of ultimate beneficial ownership.

This circular has been issued to all companies making them responsible to comply with Section 453 of the Companies Act.

The circular has directed all the companies having legal persons as their members/shareholders to obtain and maintain up-to-date information relating to their ultimate beneficial owners likewise natural persons who ultimately own or control the company.