panama leaks

ISLAMABAD: It will be hard for Pakistanis to conceal their offshore companies now as President Mamnoon Hussain has promulgated the Companies Ordinance 2016.
The law makes it mandatory for Pakistanis to declare their hidden assets abroad.
The ordinance, that replaces the previous law of Companies Ordinance, 1984, contains measures against fraud, money laundering and terror financing.
After the new law, officials said, all companies have been bound to provide information to Securities and Exchange Commission of Pakistan (SECP). The information includes data about company beneficiaries, directors, and officers.
The SECP, through the ordinance, has been authorized to investigate financial frauds and money laundering.
The Companies Ordinance 2016 contains provisions for simplifying the procedure for incorporation of companies, enabling maximum use of technology and encouraging paperless environment at all levels.
The Ordinance encourages the use of modern electronic means of communication. It also includes special provisions to facilitate small and medium enterprises.
Finance Minister Ishaq Dar says the Companies Ordinance has been promulgated to provide relief and incentives to the corporate sector, especially small and medium-sized companies, in order to give immediate impetus to the economy and stimulate economic growth.
He said the new law will facilitate corporate sector.

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