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Pakistan moves to amend company laws to curb financial crimes under FATF guidelines

Pakistan moves to amend company laws to curb financial crimes under FATF guidelines
People commute on a road in Islamabad on July 11, 2023. (AFP/File)
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Updated 15 April 2025
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Pakistan moves to amend company laws to curb financial crimes under FATF guidelines

Pakistan moves to amend company laws to curb financial crimes under FATF guidelines
  • SECP plans to introduce centralized registry of Ultimate Beneficial Owners of corporate companies 
  • UBO register helps to prevent crimes such as money laundering, financing terrorism, tax fraud and corruption
Updated 15 April 2025
Ismail Dilawar
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KARACHI: The Securities and Exchange Commission of Pakistan (SECP) said on Tuesday it had proposed amendments to the Companies Regulations 2024 to set up a centralized UBO Registry for the corporate sector in line with guidelines on financial transparency by the Financial Action Task Force (FATF).
UBOs (Ultimate Beneficial Owners) are the owners or the persons who are in charge of a company. A UBO register helps to prevent financial and economic crimes such as money laundering, financing terrorism, tax fraud, and corruption. The register makes it clear to whom money is sent so any potential financial crimes cannot be hidden behind a corporation. 
“In terms of the proposed changes, companies would be required to submit UBO information, already being obtained from their shareholders, to the Commission [SECP] through the eZfile portal along with other relevant regulatory returns/forms,” the SECP said in a statement.
“This information can be accessed by Financial Institutions, as and when required.”
Pakistan was removed in 2022 from a FATF grey list that warranted increased surveillance for terrorism financing. Pakistan was listed in 2018 because of “strategic counter-terrorist financing-related deficiencies.”
“In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date and comprehensive UBO data. This reform is expected not only to highlight Pakistan’s commitment to global best practices but also strengthens investor confidence in the country’s financial ecosystem,” SECP said.
The Commission said the centralized registry concept was aimed at boosting financial transparency and aligning Pakistan’s ‘Anti-Money Laundering and Countering the Financing of Terrorism’ framework with global standards set by FATF, the Organization for Economic Cooperation and Development (OECD) and other international organizations.

Topics: Securities and Exchange Commission of Pakistan (SECP) FATF

Indian troops shoot dead Pakistani crossing frontier

Indian troops shoot dead Pakistani crossing frontier
Updated 24 May 2025
AFP
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Indian troops shoot dead Pakistani crossing frontier

Indian troops shoot dead Pakistani crossing frontier
  • Incident occurred two weeks after India and Pakistan agreed to a ceasefire following a four-day conflict
  • India’s border force says the man crossed the international border and failed to stop when challenged
Updated 24 May 2025
AFP

AHMEDABAD: Indian border troops shot dead a Pakistani man who they said had crossed the international frontier and did not stop when challenged, the force said Saturday.
The shooting comes two weeks after arch-rivals India and Pakistan agreed a ceasefire after a four-day conflict, in which more than 70 people were killed in missile, drone and artillery fire.
India’s Border Security Force (BSF) said its troops Friday evening had spotted “one suspicious person advancing toward the border fence,” which lies beyond the international frontier in Gujarat state’s Banaskantha district.
“They challenged the intruder, but he continued to advance, prompting them to open fire,” the BSF said in a statement. “The intruder was neutralized on the spot.”
A photograph released by the force showed a dead man with greying hair.
The recent conflict between the nuclear-armed rivals was triggered by an attack on tourists in Indian-administered Kashmir on April 22, the deadliest on civilians in the contested Muslim-majority territory in decades.
New Delhi blamed Islamabad for backing the militants it said carried out the attack, charges that Pakistan denied.

Topics: Pakistan India Ties

Pakistan PM to begin five-day tour tomorrow of Central Asia, Turkiye and Iran

Pakistan PM to begin five-day tour tomorrow of Central Asia, Turkiye and Iran
Updated 24 May 2025
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Pakistan PM to begin five-day tour tomorrow of Central Asia, Turkiye and Iran

Pakistan PM to begin five-day tour tomorrow of Central Asia, Turkiye and Iran
  • The development comes two weeks after Pakistan and India traded missile, drone and artillery strikes before agreeing to a truce on May 10
  • During the four-day conflict, several friendly nations supported Pakistan’s demand for a probe into an attack that triggered the standoff
Updated 24 May 2025
KASHIF IMRAN

ISLAMABAD: Prime Minister Shehbaz Sharif will embark on Sunday on a five-day tour of Turkiye, Iran, Azerbaijan and Tajikistan to hold discussions about matters of regional and international importance, the Pakistani foreign office said, weeks after a military conflict between Pakistan and India.

Pakistan and India this month traded missile, drone and artillery strikes for days, killing 70 people, before agreeing to a US-brokered ceasefire on May 10.

The conflict was triggered by an attack on tourists in Indian-administered Kashmir on April 22 that New Delhi blamed on Pakistan. Islamabad denies complicity.

During the conflict Several friendly nations supported Pakistan’s demand for a credible, international probe into the attack as they urged the nuclear-armed archfoes to exercise restraint.

“The prime minister will have wide-ranging discussions with the leaders of these countries on an entire range of issues covering bilateral relations and matters of regional and international importance,” the Pakistani foreign office said.

“He will also have the opportunity to express the deepest appreciation and acknowledgment for the support extended to Pakistan by the friendly countries during the recent crisis with India.”

Bitter rivals India and Pakistan have fought three wars, including two over the disputed region of Kashmir, since gaining independence from British rule in 1947. Both claim the Himalayan territory in its entirety but rule it in part.

The latest conflict between the two was the deadliest in more than two decades and raised fears that it could spiral into a full-blown war.

During his visit aimed at furthering Pakistan’s diplomatic outreach, Sharif will also attend the International Conference on Glaciers in Dushanbe, Tajikistan, according to the Pakistani foreign office.

The conference, to be held on May 29-30, aims to advance global efforts in climate adaptation and resilience, with a specific focus on addressing glacial melting.

Pakistan is highly vulnerable to climate change, facing numerous impacts like rising temperatures and increased frequency of extreme weather events.

Officials say unusually high temperatures in Pakistan’s northern areas have resulted in rapid melting of glaciers, warning that the prolonged phenomenon could lead to water shortages and threaten lives in the longer run.

Alibaba launches online logistics services for Pakistani exporters

Alibaba launches online logistics services for Pakistani exporters
Updated 24 May 2025
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Alibaba launches online logistics services for Pakistani exporters

Alibaba launches online logistics services for Pakistani exporters
  • Pakistani small and medium-sized enterprises have long struggled with optimizing their export processes to participate in global trade
  • Alibaba says it has partnered with leading delivery companies to supporting the export of Pakistani goods to over 200 countries and regions
Updated 24 May 2025
NAIMAT KHAN

KARACHI: Alibaba, a Chinese-owned platform for global business-to-business (B2B) e-commerce, has launched online logistics services that are tailored to assist Pakistani exporters in optimizing their international trade processes, it said this week.

The explosive growth of cross-border e-commerce has created new opportunities for Pakistani small and medium-sized enterprises (SMEs), which face significant challenges in optimizing their export processes to participate in global trade. Logistics has been identified as a major obstacle as businesses must find effective and reliable shipping solutions to ensure timely deliveries while minimizing costs and risks, according to the e-commerce giant.

Alibaba has partnered with leading international express delivery companies, such as CPEX, with the goal of supporting the export of Pakistani goods to over 200 countries and regions around the world. The service not only supports fast and reliable international shipping options but also integrates the entire logistics process from packaging and warehousing to delivery, thus helping businesses optimize costs and time.

Through its international express delivery partners, Alibaba will ensure that goods are transported safely and on schedule, while also providing detailed order tracking tools, and customs advisory services. These features will help businesses minimize risks and enhance their competitiveness in the international market.

“Online logistics services are essential for small and medium-sized enterprises in global trade. They not only streamline operations and reduce costs, but also empower businesses to reach global markets with ease,” said Summer Gao, head of global supply chain at Alibaba.

"By leveraging advanced technologies and comprehensive solutions, Alibaba.com helps support Pakistani SMEs in enhancing their competitiveness, ensuring timely deliveries, and responding swiftly to market demands, ultimately fueling their growth and success in the global arena."

Pakistan, which is currently treading a long path to economic recovery, has urged local businesses to increase exports as the government looks to boost trade and investment to revive the over $350 billion South Asian economy.

Launched in 1999, Alibaba serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering various aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently.

The e-commerce giant said its logistics services for Pakistani sellers are cost-effective, have enhanced order tracking and control capabilities, and offer a fully digitalized order fulfillment process for packages dispatched to multiple countries and regions.

“The introduction of Alibaba.com's logistics services has greatly accelerated our transaction processes and bolstered customer trust,” said Zulqarnain Baryar, CEO of Clush Industries that specializes in garment production.

"With features such as detailed tracking and optimized shipping routes, these services ensure timely deliveries and improved risk management. These enhancements have not only streamlined our operations but have also facilitated new business opportunities internationally, allowing us to confidently expand our presence."

Berry Ma, head of Pakistan business at Alibaba, said their new logistics services aim to support Pakistani exporters by providing efficient solutions to overcome traditional barriers in international trade.

“We're committed to offering essential tools to help Pakistani businesses tap into significant growth opportunities in global markets,” Ma said.

Topics: Alibaba Pakistan China Ties

Pakistan PM says encouraging to see women like Naila Kiani setting records in mountaineering

Pakistan PM says encouraging to see women like Naila Kiani setting records in mountaineering
Updated 24 May 2025
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Pakistan PM says encouraging to see women like Naila Kiani setting records in mountaineering

Pakistan PM says encouraging to see women like Naila Kiani setting records in mountaineering
  • Kiani on Friday summitted Kanchenjunga to become first Pakistani woman to summit 12 ‘eight-thousanders’
  • She stands on the threshold of joining only 17 women who have conquered all 14 peaks above 8,000 meters
Updated 24 May 2025
Arab News Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday praised Pakistani mountaineer Naila Kiani for scaling 8,586-meter Kanchenjunga, the world’s third highest peak, saying it was encouraging to see Pakistani women making records in such difficult sport.

With the ascent of Kanchenjunga on Friday, Kiani became the first Pakistani woman to scale 12 of the world’s 14 peaks above the height of 8,000 meters, according to Alpine Club of Pakistan (ACP), which arranges various expeditions.

The Pakistani mountaineer stands on the threshold of joining a global elite of only 17 women who have conquered all 14 eight-thousanders, Imagine Nepal, her expedition organizer, said after Friday’s summit.

“Pakistanis are making their country proud in every field of sports,” Sharif said in a statement. “It is encouraging to see Pakistani women setting records in a difficult sport like mountaineering.”

Kiani has previously summited Mount Makalu (8,485m), Broad Peak (8,047 meters), Annapurna (8,091 meters), K2 (8,611 meters), Lhotse (8,516 meters), Gasherbrum 1 (8,068 meters), Gasherbrum II (8,035 meters), Nanga Parbat (8,125 meters), Mount Everest (8,849 meters), Manaslu (8,156 meters) and Cho Oyu (8,201 meters) mountains.

The ACP described Kiani’s feat as a “monumental milestone” in the history of Pakistani mountaineering and a moment of immense national pride.

“From the towering heights of Everest and K2 to the perilous slopes of Annapurna and Lhotse, her journey tells a powerful story of grit, resilience and an unshakable will,” it said on Friday.

“This is not just a personal achievement— it is a symbol of empowerment for women in sports, a beacon of hope and inspiration for Pakistan, and a proud moment for every mountaineering enthusiast.”

Topics: Naila Kiani Pakistani mountaineer

Pakistan ranks seventh in civilian harm, second in IED casualties worldwide — report

Pakistan ranks seventh in civilian harm, second in IED casualties worldwide — report
Updated 24 May 2025
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Pakistan ranks seventh in civilian harm, second in IED casualties worldwide — report

Pakistan ranks seventh in civilian harm, second in IED casualties worldwide — report
  • UK-based Action on Armed Violence monitor says Pakistan witnessed 790 civilian casualties in 248 incidents last years
  • The Baloch Liberation Army killed and injured 119 civilians, followed by Daesh (45 casualties) and Pakistan Taliban (10)
Updated 24 May 2025
KASHIF IMRAN

ISLAMABAD: Pakistan ranked seventh in the world for civilian casualties from explosive weapons and second most affected nation in terms of casualties from improvised explosive devices (IEDs) last year, UK-based monitor Action on Armed Violence (AOAV) said this week.

In its annual report, the AOAV said it had recorded 67,026 deaths and injuries as a result of the use of explosive weapons around the world, which was the highest since 2010.

The report said 89% of 59,524 civilians were either killed or wounded by explosive weapons in 2024, adding that 41% of them, or 24,147 individuals, were killed in incidents of explosive violence.

Pakistan was the seventh most affected country for civilians harmed by explosive weapons last year, with 790 civilian casualties (210 killed) in 248 incidents, a 9% decrease from 2023. However, there was a 11% increase in incidents compared to 218 in 2023.

“The majority of civilian harm was attributed to non-state actors, who were reportedly responsible for 76% (603) of civilian casualties. In particular, the Balochistan Liberation Army (BLA) killed and injured 119 civilians in Pakistan last year,” the report read.

“The Islamic State (Daesh) affiliate in the region, Islamic State – Khorasan Province (IS-KP), was the reported perpetrator of 45 civilian casualties in Pakistan last year, down from 194 recorded civilian casualties in 2023. The Tehreek-e-Taliban Pakistan (TTP) killed and injured 10 civilians last year, down from 32 in 2023.”

Unknown non-state actors accounted for 54% of civilian casualties (423), down from 541 recorded in 2023, in Pakistan. The BLA was the reported perpetrator of 15% (119) civilian casualties, marking a 440% increase from 22 in 2023.

Pakistan is currently battling twin insurgencies: one led my religiously motivated groups, including the TTP, mainly in its Khyber Pakhtunkhwa (KP) province and the other by ethno-nationalist Baloch separatist groups like the BLA in Balochistan.

Islamabad has frequently accused Afghanistan and India of supporting the TTP, BLA and other militant groups who have mounted their attacks in Pakistan in recent years. Kabul and New Delhi deny the accusations.

In terms of IEDs, Lebanon saw the highest level of harm globally, with 3,373 civilians killed and injured across only 16 incidents, accounting for 58% of civilian casualties from IED attacks globally, according to the report.

Pakistan saw the second highest level of civilian harm due to IED attacks, with AOAV recording 485 civilian casualties (139 fatalities) in 132 incidents.

“This is a 30% decrease in civilian casualties, but an 8 % increase in incidents,” the monitor said.

Other countries which saw elevated levels of civilian harm from IEDs in 2024 included Nigeria (385 civilian casualties), Iran (378), Somalia (270), Syria (253), Afghanistan (170), and Myanmar (84).

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