NCA RECEIVES REPORT ON FARAGE'S £5M CRYPTOCURRENCY GIFT

The National Crime Agency received a report from bankers concerning a £5m gift given to Nigel Farage by cryptocurrency billionaire Christopher Harborne, over concerns the money may have been laundered, according to financial industry sources. Farage, leader of Reform UK, was given a deadline to respond to questions about the gift before the disclosure. The gift has intensified scrutiny of Farage's finances as he faces investigation by the standards commissioner over whether his failure to declare the money breached parliamentary rules.

Farage announced in May 2024 that he would not stand for parliament, stating it was "not the right time". According to financial industry sources, he received at least some of the £5m after making that announcement, with the balance arriving shortly before he declared his intention to run for the Clacton-on-Sea seat. Harborne's lawyers told the Guardian that Farage received the full amount on 5 April 2024, though they did not provide substantive responses to detailed questions about the gift or the suspicious activity report filed with the NCA. In correspondence with the Guardian, Farage stated he was unaware of the report.

Following the disclosure, Farage announced he would force a byelection in Clacton-on-Sea. The Conservative Party, Labour, Restore Britain and the Liberal Democrats subsequently announced they would not field candidates in the contest. If Farage is reelected, he remains likely to face parliamentary investigation and potential reprimand arising from the standards commissioner's inquiry into whether he breached disclosure obligations.