At issue are a number of transfers that have been deemed to require further investigation.<\/p>\n
For instance, the Guardian understands bankers and the NCA have been unable to identify the ultimate source of funds for a critical \u00a31m donation to a Reform fundraising vehicle before the 2024 general election. The NCA is seeking help from a foreign partner to identify it.<\/p>\n
Farage in Clacton-on-Sea during the 2024 general election campaign. Photograph: Dan Kitwood\/Getty Images<\/p>\n
It is just one of several transactions that raised concerns and were sent to the NCA via suspicious activity reports (SARs), according to sources.<\/p>\n
SARs are a formal mechanism by which banks, solicitors and other regulated parties can send the NCA, as the agency explains, details about \u201cknowledge or suspicion of money laundering<\/a>\u201d.<\/p>\n They are not crime reports or proof of a crime, but as the NCA says, they are \u201ca vital source of intelligence \u2026[and] provide information and intelligence from the private sector that would otherwise not be visible to law enforcement\u201d.<\/p>\n At least four such reports have been made by bankers with concerns about transactions involving senior Reform leaders, the Guardian reported on Tuesday and Wednesday, ranging from the \u00a35m gift<\/a> Farage received from the cryptocurrency billionaire Christopher Harborne, to a \u00a31m donation routed to a party fundraising vehicle, Britain Means Business, via a convicted fraudster\u2019s mother.<\/p>\n These are the details of the concerns raised by sources, who have told the Guardian they believe the SARs pose important questions for a major political party \u2013 and who say they are concerned about the speed at which law enforcement is able to investigate such matters. The number of SARs reported to the NCA annually is so large that investigations can take years.<\/p>\n The \u00a31m donation to Britain Means Business<\/p>\n In June 2024 Reform UK was facing a short-term cash crunch in the final weeks of its 2024 election campaign, according to party insiders. They say it particularly needed to push funds into key constituencies, including those being contested by Nigel Farage (Clacton-on-Sea) and the party\u2019s deputy leader, Richard Tice<\/a> (Boston and Skegness).<\/p>\n Fiona Cottrell, the mother of one of Farage\u2019s closest associates, the convicted fraudster George Cottrell, appeared to step into the breach behind the scenes.<\/p>\n At the time, Fiona Cottrell was already one of Reform\u2019s significant donors<\/a>, having given a total of \u00a3500,000 in two separate payments in May 2024. But the following month, it appears she decided not to donate to the party in her own name.<\/p>\n Instead, she sent \u00a31m from an account in her name to Britain Means Business, a company that was originally set up to fund the Brexit campaign under its former name, Leave Means Leave, and has become a fundraising vehicle for Reform UK<\/a>.<\/p>\n Tice, a director and account holder for BMB, then immediately transferred \u00a3500,000 in two tranches to Reform UK on 10 and 12 June, the Guardian understands.<\/p>\n Tice did not respond to questions put to him.<\/p>\n Tice looks on as Farage speaks in London in February. Photograph: Chris J Ratcliffe\/Reuters<\/p>\n BMB had given the party \u00a3154,000 before the Fiona Cottrell donation that, alongside Tice\u2019s personal money, proved to be a lifeline during scant years for donations in 2021 and 2022, when Tice was the party\u2019s leader.<\/p>\n Because Fiona Cottrell is understood to have given the money to BMB rather than directly to Reform UK, only the Britain Means Business name appears in the party\u2019s declarations. That, in effect, kept her involvement out of the public realm.<\/p>\n This is not illegal, but it is unclear why she chose to do this when her other donations have been publicly recorded as an individual.<\/p>\n Despite extensive efforts to find out, the Guardian has been told it is still unclear where the whole \u00a31m ultimately came from.<\/p>\n The Guardian understands Fiona Cottrell did not send the money straight to the Britain Means Business account. She routed it via a UK bank account of an Australian money exchange platform called Oneify.<\/p>\n According to sources, she moved the \u00a31m to Oneify after deposits of hundreds of thousands of dollars were repeatedly made into her account. The sums came to her in several tranches, and the Guardian has been told banks were unable to trace the ultimate source of the funds.<\/p>\n The NCA has sought assistance in tracing the money from Austrac, their Australian counterpart, as the Oneify money exchange platform is registered there, the Guardian understands.<\/p>\n In situations where bankers cannot account for the source of big deposits, such as the \u00a31m, they are obliged to raise SARs. They did this in June 2024, according to sources.<\/p>\n When including a further \u00a3250,000 that Fiona Cottrell gave to the party in February 2025, she may have given as much as \u00a31.75m to Reform.<\/p>\n Most of this, \u00a31.25m, was transferred directly to the party, \u00a3500,000 more than was publicly declared under her name via the Electoral Commission.<\/p>\n Fiona Cottrell\u2019s funding of Reform is particularly interesting because of her son, George, whose relationship with Farage and Reform has been an enduring source of media commentary and intrigue. As the author of a book on money laundering, a renowned gambler and convicted fraudster, George Cottrell\u2019s association with Farage has faced even more scrutiny as the party has gained support in the polls.<\/p>\n Farage with Cottrell (right) at the European parliament in 2020. Photograph: John Thys\/AFP\/Getty Images<\/p>\n He is nominally referred to as a volunteer or senior adviser by party staffers, though insiders claim he has long been deemed an unofficial treasurer. He was the deputy treasurer for Ukip, and he has direct relationships with many of the party\u2019s biggest donors. He is often seen<\/a> at Farage\u2019s side at official events despite being resident in Montenegro. He has extensive knowledge of cryptocurrencies and uses them for business transactions.<\/p>\n He is unlikely to ever formally take on an official treasurer role in Reform UK owing to his criminal history: he was convicted of wire fraud and served several months in a US prison in 2017.<\/p>\n His gambling activity, which allegedly includes acting as a frontperson for a gambling syndicate owned by the football club owner Tony Bloom<\/a>, also makes it hard for him to take on an official role.<\/p>\n Bankers looking at his mother\u2019s transactions were concerned there was at least a possibility that the ultimate source of funds may have been, or come via, George Cottrell, the Guardian has been told.<\/p>\n His mother is understood to be of relatively modest means and he is a convicted fraudster whose wrongdoing has made him a high-risk client for banking. His close relationship with Farage and involvement with Reform also make him a \u201cpolitically exposed person\u201d, someone whom the banks are obliged to scrutinise more carefully.<\/p>\n The loan, the property deal and the donation<\/p>\n The \u00a31m donation to Britain Means Business is not the only transaction potentially involving George Cottrell to be examined by bankers, according to sources.<\/p>\n On 2 December 2024, Tice received what he described to bankers as a short-term loan from George Cottrell, sources told the Guardian.<\/p>\n They said a sum of \u00a378,100 landed in the account for Tisun Investments Limited, a British company of which Tice is a director and which manages many of his financial interests. The combination of George Cottrell\u2019s criminal past and the fact he was lending money to a serving MP meant the transaction was examined closely by bankers.<\/p>\n On the same day Tice received the money, he is then understood to have sent about \u00a392,000 to fund a property purchase in Dubai for a development called Peninsula 5.<\/p>\n Bankers alerted the NCA, sources said. The timing of the transactions suggested the loan and the foreign property deal were connected but it was unclear why, sources said.<\/p>\n Farage announcing his resignation as a member of parliament on Tuesday. Photograph: Dan Kitwood\/Getty Images<\/p>\n Later in December, sources say, Tice transferred another tranche of money from Tisun to an account in Dubai for the property purchase, taking the total sent to around \u00a3650,000.<\/p>\n skip past newsletter promotion<\/a>Free newsletter | Every weekday<\/p>\n Sign up to First Edition<\/p>\n Our morning email breaks down the key stories of the day, telling you what\u2019s happening and why it matters<\/p>\n after newsletter promotion<\/p>\n On 7 January 2025, Tice gave \u00a3613,000 to Reform via Tisun Investments Limited. It is relatively unusual for an MP to donate to their own party.<\/p>\n A few weeks later, on 24 February, \u00a3655,000 was paid into Tisun\u2019s account. It was described by Tice as an overpayment for the property purchase. Instead of paying cash for the property, he said he had got a mortgage, sources told the Guardian.<\/p>\n Shortly after the \u00a3655,000 came through, Tice sent \u00a380,000 from Tisun to George Cottrell, seemingly repaying his loan.<\/p>\n These transactions, bankers believe, require full investigation by the NCA.<\/p>\n In Tisun Investments\u2019 corporate filings, the \u00a380,000 loan from George Cottrell does not appear to be disclosed, either to Companies House or the parliamentary authorities.<\/p>\n Banks and legal firms treat property transactions as high risk given the way real estate deals have historically been used to help people launder money. In fact, in his book How to Launder Money, published earlier this year, George Cottrell has described property as a particularly useful vehicle for those looking to obscure the sources of their funds<\/p>\n \u201cProperty is a highly effective tool for laundering large sums of money,\u201d he writes. \u201cCash can be introduced into the system to later be recovered as refunds, kickbacks, hidden payouts or as part of a property sale.\u201d<\/p>\n Bankers are trained to ask additional questions about property deals and to watch for any signs they might need to file an SAR. Lawyers are also meant to check sources of funds for a home purchase. If those sources raise suspicions, these can be grounds for law enforcement to investigate individuals or organisations.<\/p>\n Get in touch<\/p>\n Contact us about this story<\/p>\n The best public interest journalism relies on first-hand accounts from people in the know. If you have something to share on this subject, you can contact us confidentially using the following methods:<\/p>\n Secure Messaging in the Guardian app<\/p>\n The Guardian app has a tool to send tips about stories. Messages are end to end encrypted and concealed within the routine activity that every Guardian mobile app performs. This prevents an observer from knowing that you are communicating with us at all, let alone what is being said.<\/p>\n If you don\u2019t already have the Guardian app, download it (iOS<\/a>\/Android<\/a>) and go to the menu. Select \u2018Secure Messaging\u2019. <\/p>\n SecureDropIf you can safely use the tor network without being observed or monitored you can send messages and documents to the Guardian via our SecureDrop platform.<\/a><\/p>\n Our guide at theguardian.com\/tips<\/a>\u00a0lists several ways to contact us securely, and discusses the pros and cons of each.\u00a0<\/p>\n Show more<\/p>\n In guidance<\/a> on how to spot potential money laundering in property purchases, the Law Society of England and Wales says: \u201cThe property market\u2019s high value, its capacity to absorb illicit funds in plain sight, and the involvement of multiple parties make it a prime vehicle for money laundering.\u201d<\/p>\n Separately, there are several rules for MPs when it comes to loans. These include not accepting \u201cany donations, loans, security or other support valued at over \u00a3500 from impermissible donors\u201d and declaring \u201cdirectors\u2019 loans (if these are at favourable rates)\u201d.<\/p>\n Tice is understood to have paid back \u00a31,900 more than he appears to have borrowed from George Cottrell. However, factoring in commercial rates of interest, the difficulty in securing loans as large as \u00a380,000 and the likely early repayment fees when paying back a loan so quickly, mean he would have been unlikely to get that sum on those terms via the open market, according to data on interest rates and loan terms reviewed by the Guardian.<\/p>\n This raises the question of whether or not Tice should have declared the loan so that it appeared on the register of members\u2019 interests, and whether he should have accepted funds from George Cottrell, who is believed not to be a permissible donor, in part because he is resident in Montenegro and not an overseas voter.<\/p>\n George Cottrell\u2019s approach to declared donations also suggests he may be an impermissible donor, although this was denied by his lawyers in a letter to the Guardian.<\/p>\n Instead of donating to the Reform party, he has funded foreign travel, such as flights for Farage, which people living abroad who are not overseas voters are allowed to do.<\/p>\n The gift<\/p>\n Just weeks before he announced he would stand in the 2024 general election on 3 June, Farage received a gift of \u00a35m from Harborne, the cryptocurrency billionaire and Reform donor.<\/p>\n Harborne was already a well-established political donor. In the run-up to the 2019 general election, he had given \u00a310m to the Brexit party, which was later renamed Reform UK. He also gave \u00a31m to the private office of Boris Johnson, the former Conservative prime minister, on 21 November 2022.<\/p>\n The Guardian story that first revealed<\/a> Nigel Farage was given \u00a35m gift by Christopher Harborne. Photograph: The Guardian<\/p>\n Farage and Schillings, the lawyers acting for Harborne, have said the gift was \u201cunconditional\u201d. Farage initially claimed the money \u201cwas given to me so that I would be safe and secure for the rest of my life\u201d. He later said it was a reward for his campaigning for Brexit.<\/p>\n In a letter sent to the Guardian, Farage said he did not know about the SAR. He added: \u201cI have no reason to doubt the ultimate source of the money.\u201d<\/p>\n Schillings said the gift was given on 5 April 2024. They argued that, as this was seven weeks before Farage decided to stand for election, Harborne did not envisage Farage returning to politics.<\/p>\n Still, it seems some of the funds were not received by Farage until later, in mid and late May, according to sources.<\/p>\n Bankers made a SAR to the NCA on 16 May 2024, after they were told of the gift. This was because it was a vast sum given to an active politician by a businessperson with complex international affairs who operated in, in financial terms, high-risk jurisdictions.<\/p>\n Parliamentary rules state that any benefits should be declared for the 12 months before taking up office as an MP, depending on whether it was for political or personal purposes. The rules state: \u201cIf there is any doubt, the benefit should be registered.\u201d<\/p>\n Kevin Hollinrake, the Conservative party chair, has said<\/a> Farage was \u201cobliged\u201d to declare the gift.<\/p>\n Reports and gaps<\/p>\n That there are so many instances of reports to the NCA surrounding a small group of politicians and their supporters raises a host of questions about the reporting systems in the UK, and the role of law enforcement in protecting the UK\u2019s electoral processes.<\/p>\n It is unclear if the NCA has realised that the reports raised by bankers might merit examination as a whole.<\/p>\n The former senior civil servant Philip Rycroft was asked to review foreign interference in the UK election system by the government. He published his findings<\/a> in April this year.<\/p>\n One of his conclusions was that \u201cknow your donor\u201d provisions in proposed legislation governing electoral donations, the representation of the people bill, \u201cshould be further developed to more closely mirror the customer due diligence provisions in the anti-money-laundering regulations\u201d.<\/p>\n It suggests gaps left between the rules of the code of conduct and the Electoral Commission in ensuring transparency of political financing. By the measure of anti-money-laundering regulations for banking, Reform UK has already set off several alarms, but these appear not to have been caught by the UK\u2019s elections watchdog, or parliament.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/06\/1782846071_379_1000.jpg\")
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