The Companies (Amendment) Act, 2020
The Companies (Amendment) Act, 2020 in Pakistan introduces amendments to
the existing Companies Act, 2017. The Act aims to ensure compliance with the recommendations on the anti-money laundering cell and countering the financing of terrorism issued by the Financial Action Task Force (FATF). A new Section 60 A is inserted whereby a prohibition has been imposed on issuing bearer shares or bearer shares warrants and directs the companies to cancel the existing bearer shares or bearer share warrants. Section 122 Sub Section 3 of the Companies Act, 2017 has been omitted. A new Section 123A was also added to keep the record of the ultimate beneficial owner and a penalty up to 10 million is levied for non-compliance. A few substitutions are made in section 413.
