A new Ordinance to replace the present Companies Ordinance was moved to the National Assembly on Friday to facilitate the business community and empowering Securities and Exchange Commission (SECP) to probe money laundering, terror financing, and fraud.
Minister for Finance Ishaq Dar moved the bill to the Companies Ordinance 2016 to the House.
This ordinance has been recently promulgated to replace the previous 32 years old Companies Ordinance.
Briefing the House about the new ordinance Dar said it would meet the requirements of present age that will rise due to investments coming in Pakistan.
He said consultations were held for over one year to bring in this comprehensive law.
The new law makes provision for filing documents online to the SECP. The law will also let e-balloting, video conferences, and book entry of shares.
Dar said the proposed law discussed in detail the perspective of offshore companies and will have binding on companies to declare their investors and beneficiaries.
He informed the House that major penalties have been proposed for non-disclosure of assets of the companies.
He said the SECP will have powers to probe money laundering fraud and terror financing.