Senate Standing Committee on Finance on Monday discussed the Limited Liability Partnership (Amendment) Act, 2020 and the Companies (Amendment) Act, 2020.

The Committee was briefed by Chairman SECP and DG FATF Pakistan regarding the technical standards and effectiveness standards which will be improved by means of these amendments.

The Committee observed that the intent of the legislation and the principle of stating the ownership of companies clearly and penalties in case of failure of doing so is agreed upon but who comes under the term Ultimate Beneficial Owner and what constitutes Effective Control has to be defined properly in the bill.

 A sub-committee of Senators Musadik Malik, Mohsin Aziz and ImamuddinShauqeen was constituted to work on precise definitions. The sub-committee will meet tomorrow afternoon.

The meeting was held under the chairmanship of Senator Farooq Hamid Naek at the Parliament House on Monday.

The meeting was attended among others by Senator Sherry Rehman, Ayesha Raza Farooq, Imamuddin Shauqeen, Dilawar Khan, Musadik Masood Malik,Mohsin Aziz, Zeeshan Khanzada, Joint Secretary Investment Ministry of Finance, Chairman SECP, DG FATF, Registrar SECP.