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Overseas Pakistani Citizens will be liable to disclosed their assets according to new law.
Companies Act, 2017 is approved by senate with consensus. After this 33 year old Companies Ordinance 1984 is revoked and replaced by Companies Act, 2017. This Act is far more easier than the previous one passed in reign of Zia ul Haq. Companies Act, 2017 is designed on international financial standards that make it a unique law for corporate sector.
Controversial clauses of previous ordinance are replaced by new clauses and punishment system is also revised. Jurisdiction of SECP is minimized to a great extent and most of the powers are assigned to corporate managers. SECP will be assigned new tasks including verification of sharia sector, real estate and approval of corporate management. In addition to this, SECP is also deputed as arbitrator in case of any dispute between company and its shareholders.
In compliance of Anti Money Laundering Act, 2017, employees of the company will be responsible for vigilance of any suspicious activity of Money Laundering.