Key facts
- UK has tightened rules on overseas political donations.
- Candidates must now declare donations over £2,230 received before candidacy.
- Nigel Farage is under investigation for allegedly undeclared gifts from a convicted fraudster and a crypto billionaire.
- The gifts reportedly include staff, security, transport, and accommodation.
- Farage stated he followed the rules and called the reports a 'hit job'.
Britain has tightened rules on overseas political donations, requiring candidates to declare funding received prior to candidacy and prove its legitimacy. The new regulations come as Nigel Farage, leader of the Reform UK party, is under investigation by the parliamentary standards watchdog. The probe concerns whether Farage should have declared a £5 million donation from a Thailand-based cryptocurrency billionaire, Christopher Harborne, which was reportedly received before Farage announced his intention to stand as a member of parliament. Farage's spokesman has denied any rule breaches, though Reform UK's economic spokesperson admitted that Farage had received undeclared staff, security, and accommodation. The tightened rules also impose a one-year residency requirement for individuals making large political donations and change how company donations are assessed. These measures are part of broader efforts to prevent foreign interference in British democracy, following concerns about funding from countries including Russia, China, and Iran.
Separately, Farage is reportedly facing scrutiny over gifts from George Cottrell, a convicted fraudster involved in a crypto casino. The Sunday Times reported that Cottrell provided Farage with drivers, security, paid for three staff members, and has allowed Farage to use a rented house near Buckingham Palace. Farage stated he followed the rules regarding these gifts. Cottrell pleaded guilty to wire fraud in the US in 2016 and served eight months in prison. The reports follow allegations that Farage may have lobbied the Bank of England to soften its stance on central bank digital currencies, a move that could benefit private stablecoins like Tether, in which Harborne has an interest.