In 2020, Pakistan’s colonial era trusts law i.e., the Trust Act 1882, was repealed and new trusts legislation was enacted by each of the four provinces of Sindh, Balochistan, Punjab and Khyber Pakhtunkhwa and the Islamabad Capital Territory (ICT). The new laws were enacted in response to recommendations by the Financial Action Task Force to adopt measures to address money laundering and terrorist financing risks posed by trusts, including foreign trusts, and waqfs (a form of Islamic charitable trust) in Pakistan.
Under each of the new provincial laws, the legal framework surrounding the registration of trusts has changed considerably to include, essentially, new disclosure and record keeping requirements and enhanced measures for data collection and inspection by government authorities.
Under the new laws, every trust of both movable and immovable property is required to be registered. The registration is permitted following a verification by the registering authority of the details supplied by the trustee in the application for registration. These include particulars relating to the purpose and author of the trust, the trust property, the trustees, beneficiaries, and any other natural persons exercising ultimate effective control over the trust.
ANZ Partners Advocates|Barristers|Consultants – A Legal500 Certified Law Firm – through its Partners and Associates understands and practices within this area of law and its advocates and barristers are fully equipped to safeguard its Clients’ rights in such matters. For a nominal cost, exceptionally professional legal service and a bond to keep with the Firm for all times to come – the Firm takes pride in representing you and your best interests before any Forum of Law