In a meeting at Lloyd’s to discuss the case, representatives of the NCA, the City of London Police, and Financial Conduct Authority—the UK’s main financial-market watchdog—stressed that insurers had a legal obligation to prevent fraud and money laundering, one they needed to ensure that they were honoring. Some of the government officials had been surprised to learn that Lloyd’s didn’t appear to have a central database of its customers, let alone reliable information about who stood behind the shell companies that typically owned ships. “You need to do more,” one of them urged.
