Companies Act, 2017 — section 452

452. Companies’ Global Register of Beneficial Ownership..—(1) Every substantial shareholder or officer of a company incorporated under the Company law, who is citizen of Pakistan within the meaning of the Citizenship Act, 1951 (II of 1951), including dual citizenship holder whether residing in Pakistan or not having shareholding in a foreign company or body corporate shall report to the company his shareholding or any other interest as may be notified by the Commission, on a specified form within thirty days of holding such position or interest. Explanation.—For the purposes of this section the expression “foreign company” means a company or body corporate incorporated or registered in any form, outside Pakistan regardless of the fact that it has a place of business or conducts any business activity or has a liaison office in Pakistan or not.

(2)The company shall submit all the aforesaid information received by it during the year to the registrar along with the annual return.

(3)Any investment in securities or other interest as may be notified in sub-section (1) by a company incorporated under this Act, in a foreign company or body corporate or any other interest shall also be reported to the registrar along with the annual return.

(4)All the above information shall be reported to the registrar through a special return on a specified form within sixty days from the commencement of this Act and thereafter in accordance with the sub-section (2).

(5)Any contravention or default in complying with requirements of this section shall be an offence liable to a fine of level 1 on the standard scale and the registrar shall make an order specifying time to provide information under sub-section (1) and (3).

(6)Any person who fails to comply with the direction given under sub-section (5) by the registrar shall be punishable with imprisonment which may extend to three years and with fine upto five hundred thousand rupees or both.

(7)The Commission shall keep record of the information in the Companies’ Global Register of Beneficial Ownership.

(8)The Commission shall provide the information maintained under sub-section (7) to the Federal Board of Revenue or to any other agency, authority and court. 453. Prevention of offences relating to fraud, money laundering and terrorist financing.___(1) Every officer of a company shall endeavor to prevent the commission of any fraud, offences of money laundering including predicated offences as provided in the Anti-Money Laundering Act, 2010 (VII of 2010) with respect to affairs of the company and shall take adequate measures for the purpose.

(2)Whosoever fails to comply with the provisions of this section shall be liable to punishment of imprisonment for a term which may extend to three years and with fine which may extend to one hundred million rupees: Provided that where any such officer has taken all reasonable measures available under the applicable laws within his capacity to prevent commission of such offence, shall not be liable under this section. Provided further that the punishment provided under this section shall be in addition to any punishment attracted due to active involvement of such officer in commission of an offence of money laundering under Anti- Money Laundering Act, 2010 (VII of 2010).