Labour party chair Anna Turley has described as "astonishing and deeply serious" the revelation that a £5m gift to Nigel Farage from a cryptocurrency billionaire was reported to the National Crime Agency (NCA) by bankers who suspected it may have been laundered money. Turley called on the Reform UK leader to "come clean and cooperate" with the NCA, adding that "the circumstances surrounding Nigel Farage's secret £5m 'gift' absolutely stink."
Pressure Mounts on Farage
The fresh pressure comes a day after Farage attempted to deflect scrutiny over his financial affairs by resigning his seat in Clacton-on-Sea to force a byelection, which all other main parties have said they will boycott. The Guardian first reported in April that Farage had received £5m from Thailand-based Reform donor Christopher Harborne. The Guardian now understands that bankers filed a suspicious activity report (SAR) with the NCA on 16 May 2024 regarding the transaction. An SAR is not proof of wrongdoing but an invitation for the agency to investigate further.
Farage's Response
In correspondence with the Guardian, Farage stated he had "no reason to doubt the ultimate source of the money" and claimed he was unaware of the SAR. He has consistently denied wrongdoing. Harborne's lawyers confirmed Farage received the money on 5 April 2024 but did not provide substantive answers about the SAR. Reform UK deputy leader Richard Tice accused the NCA of leaking financial information to the Guardian, calling it "criminality going on at the most senior crime agency in the land."
Timing and Explanations
Farage has given differing accounts of what the money was for, insisting he had no obligation to disclose it as he was not a politician at the time. According to financial industry sources, at least part of the £5m was received after he announced on 23 May 2024 that he would not stand for parliament, with the balance arriving shortly before he reversed that decision on 3 June 2024 to run in Clacton. The NCA declined to comment, citing confidentiality rules under the Proceeds of Crime Act.
Byelection Controversy
The Clacton byelection appears set to proceed despite calls from the Liberal Democrats to delay it pending a parliamentary investigation into the gift. Lib Dem leader Ed Davey urged the government to decide whether Farage should be allowed to resign and avoid scrutiny. Foreign secretary Yvette Cooper told BBC Radio 4's Today programme that she expects "a total waste of time byelection because one man wants to duck and dive around the rules."
