Farage £5m gift reported to UK crime agency over laundering concerns
10 reported3 unconfirmed
The Guardian reports that a £5 million gift to Reform UK leader Nigel Farage from cryptocurrency billionaire Christopher Harborne was reported to the National Crime Agency by bankers who were concerned it may have been laundered money. The disclosure adds pressure on Farage, who is awaiting a decision by the standards commissioner over whether his failure to declare the money breached parliamentary rules. Farage was given a deadline of 1pm on Tuesday to respond to the Guardian about the article, and at 2pm he announced he would force a byelection in his seat of Clacton-on-Sea. The Conservatives, Labour, the Green party, Restore Britain and the Lib Dems all announced they would not stand candidates in that contest, which they described as a “media circus” and “vanity project”. The Guardian first revealed in April that Farage had been given £5m by Harborne, and Farage has since given differing explanations over what the money was for. According to financial industry sources, Farage received at least some of the £5m after he had announced on 23 May 2024 that he was not going to stand for parliament, with the balance received shortly before he said he would run for Clacton. The Guardian understands bankers raised a suspicious activity report (SAR) over the gift on 16 May 2024 with the NCA, which is not proof of wrongdoing but an invitation for the agency to examine the transaction.
What’s reported
The £5m gift to Nigel Farage by cryptocurrency billionaire Christopher Harborne was reported to the National Crime Agency by bankers over money laundering concerns.
Farage is awaiting a decision by the standards commissioner over whether his failure to declare the money breached parliamentary rules.
Farage announced a byelection in Clacton-on-Sea at 2pm on Tuesday after being given a 1pm deadline to respond to the Guardian.
The Conservatives, Labour, the Green party, Restore Britain and the Lib Dems all said they would not stand candidates in that contest.
The Guardian first revealed the £5m gift in April.
According to financial industry sources, Farage received at least some of the £5m after he announced on 23 May 2024 he was not standing for parliament; the balance was received shortly before he said he would run for Clacton.
Bankers raised a suspicious activity report (SAR) over the gift on 16 May 2024 with the NCA.
Farage said he did not know about the SAR and had “no reason to doubt the ultimate source of the money.”
Harborne’s lawyers claimed Farage received the money on 5 April 2024.
Farage became “a person of significant control” for Reform’s corporate entity on 1 May 2024, and was honorary president of the party from March 2021 until June 2024.
Open questions
Whether the NCA will investigate the transaction further.
Whether the standards commissioner will find Farage breached parliamentary rules.
The exact timing and amount of each transfer of the £5m.
Key figures
Nigel Farage, Reform UK leader
Christopher Harborne, Reform donor
Michael Ashcroft, author of The Farage Factor
Sources: The Guardian
