Bankers filed a suspicious activity report with the UK's National Crime Agency on May 16 2024 regarding a £5 million gift to Nigel Farage from crypto billionaire Christopher Harborne, the Guardian reported. The bankers stated they could not trace the ultimate origin of the funds, though a suspicious activity report is not proof of wrongdoing. The filing comes as Parliament's standards commissioner investigates whether Farage should have declared the gift, which he claims he was under no obligation to disclose because he was not a politician when he received it.
Bankers Filed Suspicious Activity Report on May 16 2024
Bankers filed the suspicious activity report with the National Crime Agency on May 16 2024, according to the Guardian. The report stated the bankers were not satisfied they could trace the ultimate origin of the funds. A suspicious activity report is not proof of wrongdoing and is not the same as a crime report—it invites the agency to examine a transaction and decide whether there are grounds for further investigation.
Christopher Harborne is a British, Thailand-based businessman who holds a 12% stake in USDT issuer Tether and sits sixth on the Sunday Times Rich List. Banks pay close attention to transactions involving "politically exposed persons," who are treated as carrying a higher risk of bribery or corruption. Harborne's crypto holdings added to that risk in banking terms because money moved in and out of cryptocurrencies is harder to trace, the Guardian said.
Farage told the paper he had not known about the suspicious activity report and had "no reason to doubt the ultimate source of the money." He claimed the information had been "illegally obtained" by the newspaper and said he was unaware of any discussions with the National Crime Agency about transactions involving him. The National Crime Agency declined to confirm or deny to the Guardian that it had received any report, saying suspicious activity reports are confidential and that breaching that confidentiality could amount to a "tipping off" offense under the Proceeds of Crime Act.
Timing Discrepancies Emerge Over £5 Million Transfer
Harborne's lawyers told the Guardian that Farage received the money on April 5, 2024. Financial industry sources cited by the paper said at least some of the £5 million arrived after May 23, 2024, the day Farage announced he would not stand in that year's general election, saying it was "not the right time for me." He reversed course days later to run in Clacton.
That timeline appears to clash with an account in a new book, "The Farage Factor" by Conservative peer Michael Ashcroft, which says Reform was already preparing to launch his candidacy by mid-May, having recruited a GB News producer to help promote a planned announcement event, the Guardian noted.
Farage has described the money as an "unconditional gift" and has given a variety of different explanations of what it was for, including security funding, a reward for his Brexit campaigning, and "nobody's business," saying he could spend it on Ferraris if he wanted.
Standards Commissioner Investigates Declaration Requirement
Farage has argued he was under no obligation to declare the gift because he was not a politician when he received it. Per the Guardian's reporting, he became a "person of significant control" of Reform's corporate entity on May 1, 2024, and had been the party's honorary president from March 2021 to June 2024.
Parliament's standards commissioner is investigating whether the failure to declare the money breached its rules, and Labour has accused him of evading scrutiny over the gift. Hours before the Guardian's latest report, Farage said he would force a byelection in his Clacton seat, a move that appeared to backfire as the Conservatives, Labour, the Greens, the Liberal Democrats and Restore Britain all said they would not field candidates, dismissing the contest as a "circus." If re-elected, Farage would still face the standards inquiry and any reprimand that follows.
Farage has also faced separate calls for an investigation into his "failure to declare financial support" from George Cottrell, a convicted fraudster with ties to an offshore crypto casino. The Reform UK leader has denied that the benefits needed to be declared, and Cottrell denies having expected anything in return.
FAQ
What did bankers report to the UK's National Crime Agency on May 16 2024?
Bankers filed a suspicious activity report regarding a £5 million gift to Nigel Farage from crypto billionaire Christopher Harborne. The bankers stated they could not trace the ultimate origin of the funds. A suspicious activity report is not proof of wrongdoing and invites the agency to examine a transaction and decide whether there are grounds for further investigation.
Why is Parliament's standards commissioner investigating Nigel Farage?
Parliament's standards commissioner is investigating whether Farage's failure to declare the £5 million gift breached its rules. Farage has argued he was under no obligation to declare the gift because he was not a politician when he received it, though he became a "person of significant control" of Reform's corporate entity on May 1, 2024.
Who is Christopher Harborne and what is his connection to Tether?
Christopher Harborne is a British, Thailand-based businessman who holds a 12% stake in USDT issuer Tether and sits sixth on the Sunday Times Rich List. He has separately donated millions of pounds to Reform UK.
