Nigel Farage, the leader of Reform UK, is under fresh scrutiny after it emerged that a £5m gift from a cryptocurrency billionaire was reported to the National Crime Agency (NCA) over money laundering concerns. The revelation, published by the Guardian, comes as Farage faces a parliamentary investigation into whether his failure to declare the donation breached rules.
The gift came from Christopher Harborne, a major donor to Reform. According to financial industry sources, at least part of the £5m was transferred after Farage announced on 23 May 2024 that he would not stand for parliament. The remainder was received shortly before he reversed that decision and declared his candidacy for Clacton-on-Sea.
Bankers filed a suspicious activity report (SAR) with the NCA on 16 May 2024, citing concerns over the origin of the funds. An SAR is not proof of wrongdoing but triggers an investigation. Farage has denied knowledge of the report and insisted he had no reason to doubt the money's legitimacy. He also claimed he was not obliged to disclose the gift because he was not a politician at the time.
On Tuesday, Farage announced he would force a byelection in Clacton-on-Sea, a move seen as an attempt to deflect from the scandal. However, the Conservatives, Labour, the Green party, Restore Britain, and the Liberal Democrats all said they would not field candidates, branding the contest a “media circus”. If re-elected, Farage will still face the parliamentary probe.
The disclosure has deepened the crisis for Farage, who became a “person of significant control” for Reform’s corporate entity on 1 May 2024 and has been honorary party president since March 2021. The parliamentary standards commissioner is expected to rule on whether his failure to declare the gift breached rules.
