Reform UK leaders face NCA scrutiny over financial transactions
Millions of pounds and many questions surround the untold story of why Reform UK figures are under National Crime Agency (NCA) scrutiny. Financial industry sources have revealed that transactions involving the party's leadership have been referred to the NCA via suspicious activity reports (SARs).
Key transactions under investigation
At issue are several transfers deemed to require further investigation. For instance, bankers and the NCA have been unable to identify the ultimate source of a critical £1m donation to a Reform fundraising vehicle before the 2024 general election. The NCA is seeking help from a foreign partner to trace it.
At least four SARs have been made by bankers with concerns about transactions involving senior Reform leaders, ranging from a £5m gift to Nigel Farage from cryptocurrency billionaire Christopher Harborne to a £1m donation routed via a convicted fraudster's mother.
The £1m donation to Britain Means Business
In June 2024, Reform UK faced a short-term cash crunch. Fiona Cottrell, mother of convicted fraudster George Cottrell, sent £1m from her account to Britain Means Business (BMB), a fundraising vehicle. Tice, a director of BMB, then transferred £500,000 in two tranches to Reform UK on 10 and 12 June 2024.
Because Fiona Cottrell gave the money to BMB rather than directly to Reform UK, only the BMB name appears in the party's declarations, keeping her involvement out of the public realm. This is not illegal, but it is unclear why she chose this route when her other donations were publicly recorded.
The Guardian understands Fiona Cottrell routed the £1m via a UK bank account of an Australian money exchange platform called Oneify, after deposits of hundreds of thousands of dollars were repeatedly made into her account. Banks were unable to trace the ultimate source of the funds. The NCA has sought assistance from Austrac, their Australian counterpart.
The loan, the property deal, and the donation
On 2 December 2024, Richard Tice received a short-term loan of £78,100 from George Cottrell into the account of Tisun Investments Limited, a company of which Tice is a director. On the same day, Tice sent about £92,000 to fund a property purchase in Dubai. Bankers alerted the NCA, as the timing suggested the transactions were connected.
Later in December, Tice transferred another tranche of money from Tisun to Dubai, taking the total sent to around £650,000. On 7 January 2025, Tice gave £613,000 to Reform via Tisun Investments. On 24 February, £655,000 was paid into Tisun's account, described by Tice as an overpayment for the property purchase after he obtained a mortgage. Shortly after, Tice sent £80,000 to George Cottrell, repaying the loan.
These transactions, bankers believe, require full investigation by the NCA. In Tisun Investments' corporate filings, the £80,000 loan from George Cottrell does not appear to be disclosed to Companies House or parliamentary authorities.
The £5m gift to Nigel Farage
Just weeks before he announced he would stand in the 2024 general election, Farage received a gift of £5m from Christopher Harborne, the cryptocurrency billionaire and Reform donor. Farage and Harborne's lawyers have said the gift was unconditional. Bankers made a SAR to the NCA on 16 May 2024, due to the vast sum given to an active politician by a businessperson with complex international affairs.
Parliamentary rules state that any benefits should be declared for the 12 months before taking up office as an MP. Kevin Hollinrake, the Conservative party chair, has said Farage was obliged to declare the gift.
Reports and gaps in the system
The multiple SARs surrounding a small group of politicians and their supporters raise questions about reporting systems and law enforcement's role in protecting electoral processes. Former senior civil servant Philip Rycroft, who reviewed foreign interference in the UK election system, concluded that 'know your donor' provisions should be strengthened to mirror anti-money-laundering regulations.
Fiona Cottrell has not responded to attempts to contact her. George Cottrell's lawyers refused to respond to detailed questions. Harborne's lawyers claimed Farage received the money on 5 April 2024 but did not provide substantive responses. An NCA spokesperson said: '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.'
