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ARTICLE · 12 OCTOBER 2017

Unique Identifier For Companies

S.S. Rana & Co.
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Unique Identifier of Companies or Legal Entity Identifier, as brought forth by G20 is the alphanumeric code that distinguishes the legal entities engaged in financial affairs.

IndiaCorporate/Commercial Law
S.S. Rana & Co. Advocates
S.S. Rana & Co. Advocates
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Unique Identifier of Companies or Legal Entity Identifier, as brought forth by G20 is the alphanumeric code that distinguishes the legal entities engaged in financial affairs. It serves to redress the inability of the financial institutions to be clearly identified and fully tracked. In pursuance to the G20 compliance, United Kingdom has also adopted the unique identifier mechanism for legal entities. Just as the Aadhaar number issued in India has bestowed a distinctive identification to each individual, the Unique Identifier for companies would determine the integrity of a company independent from that of others.

A number of challenges arise as consequences of uncertainty with regards to the ownership of the Companies. Due to the absence of stringent measures requiring compulsory disclosure of beneficial ownership till now, the formation of shell companies became an easy escape route to avoid meeting with the legal compliances. Having no active operational aspect,

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