Section 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).