Key facts
- Reform UK's finances are under scrutiny following revelations of a £5m gift to Nigel Farage.
- The £5m gift was reportedly flagged to the National Crime Agency (NCA) due to money laundering concerns.
- Transactions involving other senior Reform UK figures also triggered Suspicious Activity Reports (SARs) to the NCA.
- Questions persist regarding the exact timing of the £5m gift and Farage's control over Reform UK.
- A separate £1m donation to Britain Means Business, a Reform UK fundraising vehicle, is difficult to trace.
- Reform UK deputy leader Richard Tice received an £80,000 loan from George Cottrell, potentially requiring declaration.
- Robert Jenrick is under police investigation for a £37,500 donation received during his Conservative leadership campaign.
Scrutiny is intensifying on Reform UK's finances, particularly concerning a £5m gift to party leader Nigel Farage. This gift, along with transactions involving other senior Reform figures, has reportedly been flagged to the National Crime Agency (NCA) due to money laundering concerns. The revelations have led to questions about the timing of the funds' receipt and their declaration to parliamentary authorities.
Farage announced his resignation and triggered a byelection in Clacton-on-Sea shortly after the Guardian's latest investigation was published. While Reform UK initially suggested the £5m gift was received in early 2024, financial industry sources indicated to the Guardian that reports to the NCA were made weeks later, with some funds potentially not arriving until after Farage had stated he would not stand for parliament. Further complicating matters, Farage became a person of significant control of the corporate entity owning Reform UK by May 1, 2024, according to Companies House filings.
Additional financial questions surround a £1m donation made in June 2024 to Britain Means Business, a fundraising entity for Reform UK, by Fiona Cottrell. This sum was routed through an Australian money exchange called Oneify, raising concerns among bankers. Separately, Reform UK deputy leader Richard Tice received an £80,000 loan from George Cottrell, a close associate of Farage and convicted fraudster. Given the preferential rate and Cottrell's involvement with Reform, questions have been raised about whether this loan should have been declared to parliamentary authorities.
Some Reform UK donors have expressed dissatisfaction with the mounting scrutiny and the party's handling of these financial matters. Mohamed Amersi, a donor, stated he would withhold further donations until the issues are resolved. The party also faces pressure from a police investigation into a £37,500 donation received by Robert Jenrick, a former Conservative minister who recently joined Reform, during his previous leadership campaign.