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Economy

SECP rationalizes requirement to maintain information 

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ISLAMABAD: In an effort to further streamline the procedure for obtaining and maintaining ultimate beneficial ownership information by the companies, the SECP has specified a threshold of 10 percent for the purpose of compliance with Circular No. 16 of 20.
The SECP approved amendment to the aforesaid circular and it is now required from the companies having legal persons  as their members or shareholders who hold not less than 10 percent shares, voting rights, ownership or controlling interest to obtain, maintain and update the ultimate beneficial ownership information, said in a statement issued by SECP here today The aforesaid amendment has been notified vide circular No. 20 of 2018. The move is likely to facilitate companies obtain ultimate beneficial ownership information in an effective manner, especially  in the cases where there is a large number of small shareholders or investors in a corporate chain structure, as is the case with  listed companies or mutual funds, or where there are multiple layers or numbers of companies in other jurisdictions.
This is also in line with the recommendations of the Financial Action Task Force (FATF) on the subject, which require the application of a risk-based approach for the purpose of compliance with the underlying standards. This circular has been issued to ensure compliance with the 40 recommendations of FATF, which serve as international standards for combating money laundering and terror financing. Pakistan is a member of the Asia Pacific Group, a FATF-style regional body, and is required to adopt FATF standards as per membership obligations.

 

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Economy

Contain population: SC

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ISLAMABAD: Supreme Court today directed the government, civil society, and religious scholars to take steps to tackle the country’s burgeoning population growth rate.
A three-member bench, headed by Chief Justice Mian Saqib Nisar and comprising Justice Umar Ata Bandial and Justice Ijazul Ahsan, announced the verdict on the case.
The apex court had taken suo motu notice of the explosive increase in the country’s population back in July last year. The court termed the increase in the population is an explosion and said there is a need to launch a nationwide campaign to tackle the issue.
In the judgment, the Chief Justice observed that the increasing population is a question mark on the future generations and the entire nation needs to be united in tackling population growth.

 

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Economy

Geo-Tagging technology for plantation launched

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KARACHI: Sindh Governor Imran Ismail today while launching the “CO2 Smart Executive Club” at NED University of Engineering and Technology, termed it as welcome move in order to have an oxygen-friendly environment.
“There are multiple issues pertinent to climate change and global warming; and it is a unique initiative, very well designed to show the effects of plantation in real time,” he explained.
He put emphasis upon the Clean and Green Pakistan initiative of the present government to reduce the adverse climate change effects on multiple fronts in the country.
He said that the subject matter and the themes covered were of prime significance and also very close to the endeavors of the government. The generation and sharing of knowledge on this count is definitely going to improve prospects of the country.
“I feel that it is the true responsibility of a University to engage itself in civil society with the intention of social and economic service,” the Governor said.
Earlier, the Governor was informed that Geo-tagging technology would be ensured to keep a watch on the saplings planted under “The carbon dioxide smart Executive club.”
The smart executive club is working on devising a method under Geo-tagging technology to estimate proportion of oxygen and carbon dioxide in different areas of the city and to act accordingly by planting more saplings in carbon dioxide condensed areas to ensure oxygen friendly environment.

 

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Economy

Danish delegation visits Faisalabad

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FAISALABAD: Under the development initiative of Punjab government, the waste water treatment plant project costing Rs.15 billion would be completed with the cooperation and financial assistance of Denmark to utilize 150 MGD waste water of Maddoana drain for irrigation purposes.
In this connection, a delegation of Denmark visited Faisalabad and held a meeting with Deputy Commissioner (DC) Sardar Saifullah Dogar.
A delegation headed by Deputy Head of Mission Bente Schiller included Director RDC Ulrik Netterstrom, Investment Director Danida Business Finance Rina Stender Sapru. MD WASA Faqir Muhammad Chaudhry and other officers were also present.
Deputy Commissioner welcomed the Danish delegation and said the Punjab government was taking a keen interest in the provision of potable water to the people. In this connection, the government had set its priorities besides allocating sufficient funds, he said and added that cooperation of Denmark was appreciable which would help in early completion of project.
He said that this project would further cement the bilateral relations between the two counties.
Bente Schiller said that Denmark government through Danida Business Finance was conducting a feasibility study prior to financing a large scale waste water treatment plant with the newest Danish technology.
She hoped that project would enhance the living conditions for the population in and around Faisalabad as pollution through waste water was a major health concern.

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