The Limited Liability Partnership (Amendment) Act, 2020 - Khalid Zafar & Associates

Khalid Zafar & Associates / Laws Of Pakistan / The Limited Liability Partnership (Amendment) Act, 2020

The Limited Liability Partnership (Amendment) Act, 2020 was enacted to made some amendments in Limited Partnership 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). Certain amendments in Section 8 of the Limited Partnership Act, 2017 are made to disclose the particulars of ultimate beneficial owner and a penalty up to 10 million is levied for non-compliance.