Nigel Farage's Reform UK party has been plunged into crisis after it emerged that the leader had accepted a £5m gift from cryptocurrency billionaire Christopher Harborne in 2024. The National Crime Agency (NCA) has taken an interest in the transaction, raising concerns about money laundering and casting a shadow over Farage's election campaign.
The gift has sparked controversy, with Farage initially claiming it had no bearing on his decision to stand in the general election, despite announcing he would not run for parliament in May 2024. However, he later ruled himself out of standing for parliament and announced he would run for the seat of Clacton in Essex.
The Conservative, Labour, Restore Britain, and Liberal Democrat parties have all decided not to stand candidates in the upcoming byelection, which Farage is likely to win. The NCA's involvement in the matter is significant, as it suggests the agency is taking the allegations seriously. An SAR (Suspicious Activity Report) is an invitation for the agency to examine the transaction and determine whether there are grounds to investigate further.
Farage has denied any wrongdoing, arguing he had no obligation to disclose the gift because he was not a politician at the time. However, within weeks of receiving the £5m gift, he became a person of significant control for Reform's corporate entity and held the honorary presidency of the party from March 2021 until June 2024.