Millions of pounds in financial transactions linked to top figures within Reform UK and donations to the party have sparked concerns about potential money laundering among banking staff, prompting reports to the National Crime Agency (NCA). This latest development follows last month's revelation that an unreported £5 million gift to party leader Nigel Farage from a cryptocurrency billionaire was also referred to the NCA ahead of the 2024 general election.
Further analysis has shed light on specific transactions scrutinised by banking personnel, including transfers between Reform UK's deputy leader Richard Tice, major donor Fiona Cottrell, and George Cottrell – a senior party figure who has served time for fraud. Banking insiders suggest that these particular transactions necessitated further investigation, resulting in the submission of Suspicious Activity Reports (SARs) to the NCA.
A key transaction under scrutiny is a £1 million donation made to Britain Means Business, a fundraising arm for Reform UK, prior to the recent general election. Half of this sum was subsequently transferred by Mr Tice, acting as a company director, to Reform UK's coffers, with the funds reportedly originating from Fiona Cottrell – an aristocrat and key donor to the party. However, bank staff have expressed concerns that they were not satisfied the funds ultimately came from her.
The NCA is understood to have sought assistance from a foreign partner agency to trace the original source of these funds. Furthermore, two SARs relate to a loan from George Cottrell to Mr Tice, made shortly before the latter finalised a property purchase and made a party donation – which was not repaid until after both transactions were completed.
It is essential to note that SARs serve as markers for law enforcement agencies, indicating transactions that warrant closer examination and potential investigation. Regulated professionals, including bankers, accountants, and solicitors, are legally required to submit SARs if they have knowledge or suspicion of money laundering – with rules in place to ensure these reports are sufficiently detailed for authorities to act upon.
The funding of Reform UK and Mr Farage is currently under intense scrutiny from both politicians and the public. The party leader is also facing an investigation by the parliamentary standards watchdog regarding the £5 million gift, having recently resigned his Clacton seat to trigger a by-election – in which he intends to stand, a move expected to pause rather than conclude the ongoing inquiry.