A Guardian investigation has revealed that banking staff have flagged multiple transactions involving senior Reform UK figures to the National Crime Agency (NCA) as potential money-laundering concerns. The disclosures follow Tuesday's revelation that an undisclosed £5m gift to party leader Nigel Farage from a cryptocurrency billionaire was also reported to the NCA.
Transactions Under Scrutiny
Finance industry sources have told the Guardian that at least four suspicious activity reports (SARs) have been filed. One concerns a £1m donation to Britain Means Business, a Reform UK fundraising organisation, with half subsequently transferred to the party by deputy leader Richard Tice. Bank staff were reportedly unsatisfied that the funds originated from donor Fiona Cottrell, prompting the NCA to seek help from a foreign partner agency to trace the original source.
Two other SARs relate to a loan from George Cottrell, Fiona Cottrell's son and a convicted fraudster, to Tice. The loan was made shortly before Tice completed a property purchase and made a party donation, and was not repaid until after those transactions. A fourth SAR involves the £5m gift from Thailand-based businessman Christopher Harborne to Farage, first reported by the Guardian in April.
Legal Obligations and Implications
Regulated professionals such as bankers are legally required to submit SARs if they suspect money laundering. SARs are not proof of wrongdoing but serve as markers for law enforcement to investigate further. The NCA spokesperson stated: "The NCA does not confirm or deny the receipt of SARs, nor comment on how any SAR is used. SARs are confidential and breaching that confidentiality risks committing a tipping-off offence under the Proceeds of Crime Act."
Political and Public Scrutiny
Farage is under investigation by the parliamentary standards watchdog over the £5m gift, which he has described as needed for lifetime security and a reward for "getting Brexit done." On Tuesday, he resigned from his Clacton seat to trigger a byelection, a move that may pause but not close the investigation. Prime Minister Keir Starmer and Conservative leader Kemi Badenoch have called for Farage to "come clean" about his finances.
Sources said they spoke to the Guardian because they believed the public had a right to know about potential money-laundering concerns involving a major political party. They also expressed worry that an NCA investigation could take years due to resource constraints, potentially not concluding before the next general election due by July 2029.
Enhanced Due Diligence
Several senior figures flagged in the reports are classified as politically exposed persons, subjecting them to enhanced due diligence by banks. However, enhanced due diligence does not automatically lead to SARs; they are triggered only by specific money-laundering concerns.
Reform UK declined to comment. Fiona Cottrell did not respond to attempts to contact her. George Cottrell's lawyers refused to answer detailed questions. Harborne's lawyers claimed the £5m gift was made on 5 April 2024 but did not provide substantive responses to questions about the gift or the SAR.
