Final Amendments to AML Regulations, 2018

Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.-.- Islamabad, the 1 st October, 2018 NOTIFICATION S. R. O. 1170 (I)/2018.- In exercise of the powers conferred under section 40, read with clause (w) of sub-section (4) of section 20 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan, in consultation with the Securities and Exchange Policy Board, is pleased to make the following amendments to the Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018, the same having being previously published in the official Gazette vide S.R.O 1081(I)/2018 dated 31st August 2018, as required under sub-section (2) of said section 40, namely:- In the aforesaid Regulations,- (1) for the expression “Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), wherever appearing, the expression “Act” shall be substituted; (2) in regulation 2, sub-regulation (1),- (a) before clause (a) the following new clauses shall be inserted, namely:- “(aa) “Act” means Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997); (ab) “administered legislation” shall have the same meaning as assigned to it in clause (aa) of sub-section (1) of section 2 of the Act;”; (b) in clause (d), at the end, the following explanation shall be added, namely:- “Explanation:- For the purposes of this definition the expression “ultimately own or control” or “ultimate effective control” refers to situation in which the ownership or control is exercise through a chain of ownership having substantial shareholding, directly or indirectly, or by means of control other than direct control and includes beneficial owners of a beneficiary under a life or other investment linked insurance policy or scheme or any other instrument availed by the customer in financial services market;”;