A £5 million gift received by Nigel Farage from a cryptocurrency billionaire has been reported to the National Crime Agency (NCA) by bankers, who allegedly expressed concerns that the funds may have been laundered. This development has been branded as "astonishing and deeply serious" by the Labour Party.
Anna Turley, the Labour Party Chair, urged Mr Farage, the leader of Reform UK, to "come clean and cooperate" with the NCA. This fresh scrutiny emerged a day after Mr Farage resigned his seat in Clacton-on-Sea to contest a by-election, a move that other major parties have indicated they will boycott. The allegations stem from a previous report in April that detailed the £5 million gift from Thailand-based Reform donor Christopher Harborne.
Ms Turley stated that the circumstances surrounding the "secret £5 million 'gift' absolutely stink" and that Mr Farage is "engulfed in a major sleaze scandal". She added that his attempts to distract the public with a by-election would not be successful. She called on the Reform leader to "publicly commit to cooperating with the National Crime Agency, fess up to the parliamentary watchdog over his finances, and face the consequences."
According to reports, bankers filed a Suspicious Activity Report (SAR) concerning the gift from Mr Harborne with the NCA on 16 May 2024. A SAR is not an indication of wrongdoing itself, but rather an alert for the agency to review a transaction for potential further investigation. Mr Farage, in correspondence, stated he was unaware of the SAR and had "no reason to doubt the ultimate source of the money." He has consistently denied any wrongdoing.
Reform UK's deputy leader, Richard Tice, has accused the NCA of leaking financial information to the press. He told Times Radio that the NCA had allegedly leaked "copies of my company bank statements, individual bank transfers, private conversations between my bankers and myself," describing it as "criminality going on at the most senior crime agency in the land." Mr Farage has offered various explanations for the purpose of the funds and maintains he was not obliged to disclose it as he was not a politician at the time.
Financial industry sources suggest that at least some of the £5 million was received after Mr Farage announced on 23 May 2024 that he would not stand for Parliament. The remainder of the money was reportedly received shortly before he reversed his decision on 3 June 2024 to run for the Clacton seat. When asked about the SAR, Mr Farage reiterated his claim that the information regarding the £5 million was obtained illegally and stated he was unaware of any discussions with the NCA concerning his transactions. The NCA has declined to confirm or deny the receipt of SARs or comment on their use, citing confidentiality requirements.