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Economy

SECP rationalizes requirement to maintain information 

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ISLAMABAD: In an effort to further streamline the procedure for obtaining and maintaining ultimate beneficial ownership information by the companies, the SECP has specified a threshold of 10 percent for the purpose of compliance with Circular No. 16 of 20.
The SECP approved amendment to the aforesaid circular and it is now required from the companies having legal persons  as their members or shareholders who hold not less than 10 percent shares, voting rights, ownership or controlling interest to obtain, maintain and update the ultimate beneficial ownership information, said in a statement issued by SECP here today The aforesaid amendment has been notified vide circular No. 20 of 2018. The move is likely to facilitate companies obtain ultimate beneficial ownership information in an effective manner, especially  in the cases where there is a large number of small shareholders or investors in a corporate chain structure, as is the case with  listed companies or mutual funds, or where there are multiple layers or numbers of companies in other jurisdictions.
This is also in line with the recommendations of the Financial Action Task Force (FATF) on the subject, which require the application of a risk-based approach for the purpose of compliance with the underlying standards. This circular has been issued to ensure compliance with the 40 recommendations of FATF, which serve as international standards for combating money laundering and terror financing. Pakistan is a member of the Asia Pacific Group, a FATF-style regional body, and is required to adopt FATF standards as per membership obligations.

 

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Economy

Fin. Minister briefs PM about talks with IMF

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Gulf economy recovering

ISLAMABAD: Finance Minister Asad Umar, who is accompanying the Prime Minister Imran Khan during his official visit to Malaysia, on Tuesday briefed the prime minister about the visit, meetings, and progress till now with the International Monetary Fund (IMF) delegation in Pakistan.
The finance minister informed the prime minister that efforts were being made to settle bilateral affairs with the IMF in such a way which would have positive results on the economy and which could not put a burden on the people, a press release issued by the PM Media wing here said.
He said that progress on meetings held so far with the Fund was encouraging, however, the final decision regarding the bailout package would be made keeping in view people’s interests and vision of the government.
Asad Umar told the prime minister that the IMF programme had no immediate pressure on Pakistan’s economy, adding that understanding Pakistan’s priorities by the IMF delegation was an encouraging step.

 

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Economy

Dams: CJP pinning hopes on Overseas Pakistanis

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Chief Justice Of Pakistan On Dams Fund

ISLAMABAD: CJP on Tuesday said that Overseas Pakistanis should play a role in the construction of dams in Pakistan.
Expatriates should come forward for resolution of problems of Pakistan besides provision of funds for construction of water reservoirs, he stated while talking to a private news channel.
Construction of dams was imperative for addressing future demands of water in the country, he said. CJP Saqib Nisar said that Mohmand Dam could have been started earlier than the other dams.
Commenting on the justice system, he said that we have a single system in Pakistan for the dispensation of justice.
“While dealing with the cases, we don’t have two systems of justice here, ” he added. He said that Overseas Pakistanis had great attachment and love for their country.
Pinning the hopes of Pakistanis living abroad, he said that they could play a vital role in steering the country out of the present challenges. We are fully capable to resolve the national issues, he stated.
To another question, he said, “We don’t have a selected system of justice in Pakistan.” Giving a message to the people, he said that everyone should have love and respect for Pakistan.

 

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Economy

1m Pakistanis benefitted from US grants: CG

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PESHAWAR: More than one million Pakistanis in remote and underserved areas have already benefitted from over 200 US government grants designed to improve the economic and social conditions in those communities.
Representatives from Pakistani organizations working in the Khyber Pakhtunkhwa province gathered in Peshawar to hear about new funding opportunities through a video message by the US Consul General in Peshawar Jonathan Shrier.
In the video message, US Consul General in Peshawar Jonathan Shrier said “This program helps the people of Khyber Pakhtunkhwa address local problems by implementing community-based solutions that will have both immediate and long-lasting impact. ”These grants were given through the Ambassador’s Fund Grant Program, a U.S. Agency for International Development (USAID) initiative.
The Ambassador’s Fund focuses on high-impact, quickly-implemented community programs. The grants specifically seek to promote culture & arts, improve disaster preparedness, develop small-scale energy solutions, encourage social entrepreneurship, and empower vulnerable populations.
Private sector organizations, non-governmental organizations, and non-government academic research and training institutions – including those led by women are encouraged to apply, he added.

 

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