Bankers Report Potential Money Laundering Linked to Reform UK Figures
An investigation by has uncovered that multiple transactions involving senior figures of Reform UK and donations to the party have prompted bankers to report potential money laundering concerns to the National Crime Agency (NCA).
On Tuesday, disclosed an undisclosed £5 million gift given to Reform UK leader Nigel Farage by a cryptocurrency billionaire shortly before the 2024 general election.
It is now further revealed that banking staff identified transfers of funds between Richard Tice, the party’s deputy leader, and George Cottrell, a senior party figure and convicted fraudster, as requiring additional scrutiny, according to sources within the finance industry.
Suspicious activity reports (SARs) filed by bankers were forwarded to the NCA for investigation.
Tice, through legal representatives, threatened to seek an injunction to prevent from publishing these details.
Without responding to ’s inquiries, Tice reportedly shared the allegations contained in ’s requests for comment with the Telegraph, which published the information without credit or prior contact before ’s release.
The disclosures stem from a investigation in which multiple finance industry sources provided information they believe raises questions about the funding of Reform UK.
Sources have informed that despite explanations offered by senior Reform UK figures regarding the source or purpose of the funds, bankers still deemed it necessary to file SARs.
Details of Suspicious Activity Reports
understands that finance industry professionals have filed at least four SARs concerning transactions involving senior Reform UK figures:
- One SAR concerns a £1 million donation made to Britain Means Business, a fundraising organisation for Reform UK, prior to the last general election. Half of this amount was subsequently transferred by Tice, as director of the company, to Reform UK. Britain Means Business, formerly known as Leave Means Leave, is a company used to support Reform UK’s funding. The £1 million reportedly originated from aristocrat and Reform UK donor Fiona Cottrell. Bank staff were reportedly not satisfied that the funds ultimately came from her. The NCA has enlisted assistance from a foreign partner agency to trace the original source of these funds.
- Two SARs relate to a loan from George Cottrell to Richard Tice. The loan was extended shortly before Tice completed a property purchase and made a party donation, and was not repaid until after these transactions were finalized. George Cottrell is the son of Fiona Cottrell, a convicted fraudster, former deputy treasurer of UKIP, and a close associate of Nigel Farage.
- A fourth SAR concerns the £5 million gift from Thailand-based businessman Christopher Harborne to Nigel Farage, which was made in April 2024.
Legal Obligations and Context of SARs
Individuals regulated in sectors such as accounting, banking, real estate, and law have a legal obligation to submit SARs to the NCA if they possess knowledge or suspicion of money laundering. Regulations require SARs to be sufficiently detailed to enable authorities to conduct investigations.
SARs do not constitute crime reports or proof of wrongdoing; rather, they serve as indicators prompting law enforcement agencies to conduct more thorough examinations and potential investigations.
Political and Public Scrutiny of Reform UK Funding
The financial dealings involving Nigel Farage and Reform UK are under intense political and public scrutiny. Farage is currently under investigation by the parliamentary standards watchdog regarding the £5 million gift, which he has described variously as necessary for lifetime security and as a reward for "getting Brexit done." On Tuesday, Farage announced his intention to trigger a by-election, in which he will stand. However, this action is expected to pause rather than conclude the investigation and any potential sanctions.
Prime Minister Keir Starmer and Conservative leader Kemi Badenoch have led cross-party calls for transparency concerning Farage’s financial affairs.
The filing of SARs raises questions about compliance with Electoral Commission rules and the MPs’ code of conduct by Reform UK, as well as whether existing regulations are adequate if, as critics suggest, Reform UK has blurred the lines between personal and political finances.
Sources and Public Interest
Sources who spoke to cited public interest as their motivation. They emphasized the electorate’s right to assess whether a major political party has been fully transparent about its finances.
They also stressed that the public should be aware that bankers and law enforcement deemed it necessary to investigate whether money laundering might be involved in the flow of funds. Concerns were raised that any potential NCA investigation could take years due to resource constraints, potentially limiting the thoroughness or completion of the inquiry before the next general election, scheduled by July 2029.
Enhanced Due Diligence and Politically Exposed Persons
Several senior figures mentioned in the reports are classified in the finance industry as politically exposed persons (PEPs). This classification means banks treat them as higher risk for bribery, corruption, and other illicit activities. Consequently, they are subject to enhanced due diligence, which entails closer scrutiny of their transactions and activities.
Enhanced due diligence does not automatically result in SARs; SARs are only filed when specific concerns about money laundering arise that warrant NCA investigation.
Official Responses
An 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.”
Reform UK declined to comment. Attempts to contact Fiona Cottrell were unsuccessful. George Cottrell’s lawyers declined to respond to detailed questions.
In correspondence with , lawyers for Christopher Harborne stated that Farage received the £5 million gift on 5 April 2024. They did not provide substantive responses to detailed questions about the gift or the SAR to the NCA, instead requesting copies of any documents held by .
