The increasing popularity of Reform UK, coupled with Nigel Farage’s assertion that he anticipates becoming the next Prime Minister of the UK, has placed both the party and its leader in a challenging position.
As public interest grows, their policies and candidates are facing more scrutiny, particularly regarding their financial backing.
Farage is currently grappling with inquiries about the party’s funding, questions he has yet to address satisfactorily.
A recent investigation by The Guardian has intensified the scrutiny on him and his party, revealing that transactions linked to Reform’s leadership have been referred to the National Crime Agency (NCA) for further examination.
The scrutiny centers on several financial transfers that have raised red flags. For example, sources indicate that both bankers and the NCA have been unable to trace the original source of a significant £1 million donation to a Reform fundraising initiative ahead of the 2024 general election, prompting the NCA to seek assistance from international partners.
This £1 million donation is just one of several transactions that have raised concerns, leading to reports being filed under Suspicious Activity Reports (SARs), as revealed by sources.
SARs are formal notifications through which banks and other regulated entities can inform the NCA of any knowledge or suspicion of money laundering. While not indicative of actual criminal activity, these reports serve as a crucial intelligence source that would otherwise remain hidden from law enforcement agencies.
According to The Guardian, at least four SARs have been filed by bankers regarding transactions involving prominent Reform leaders. These include a £5 million gift from cryptocurrency entrepreneur Christopher Harborne to Farage, as well as the £1 million donation funneled through a party fundraising entity, Britain Means Business, linked to the mother of a convicted fraudster.
Insiders believe that the SARs raise significant questions for a major political party and express concerns regarding the timely investigation of such matters. The volume of SARs submitted to the NCA each year is so extensive that investigations can often take years to conclude.
As Reform UK faced a financial shortfall in June 2024, just weeks before the election, party insiders indicated a pressing need to allocate funds to critical constituencies, particularly those contested by Farage in Clacton-on-Sea and the party’s deputy leader, Richard Tice, in Boston and Skegness.
Fiona Cottrell, the mother of one of Farage’s close associates, the convicted fraudster George Cottrell, reportedly intervened to assist the party financially.
At the time, Fiona Cottrell had already made substantial contributions to Reform, totaling £500,000 through two payments in May 2024. However, in June, she opted not to donate in her own name and instead transferred £1 million to Britain Means Business, a fundraising entity that evolved from the Brexit campaign group Leave Means Leave.
Tice, who is listed as a director and account holder for BMB, promptly transferred £500,000 to Reform UK in two installments on June 10 and June 12, according to reports.
Despite inquiries, Tice has not provided responses to questions regarding these transactions.
Prior to Fiona Cottrell’s donation, BMB had already contributed £154,000 to Reform, which, together with Tice’s personal funds, provided essential financial support during lean years in 2021 and 2022 when Tice was leading the party.
Since Fiona Cottrell donated the funds to BMB rather than directly to Reform, her contributions were not publicly attributed to her name in the party’s disclosures, effectively obscuring her involvement.
While this practice is not illegal, it raises questions about her choice to route the funds in this manner, given that her previous donations had been publicly recorded.
Despite extensive inquiries, it remains unclear where the entirety of the £1 million originated. Reports suggest that Fiona Cottrell did not transfer the funds directly to BMB, instead utilizing a UK bank account associated with an Australian money exchange platform named Oneify.
Sources indicate that she deposited the £1 million into Oneify following a pattern of substantial deposits into her account, which banks have been unable to trace back to a definitive source.
The NCA is currently seeking assistance from Austrac, their Australian counterpart, to track the funds, as Oneify operates under Australian jurisdiction.
In instances where banks cannot verify the origins of large deposits like the £1 million, they are mandated to file SARs, which, according to sources, occurred in June 2024.
With an additional £250,000 donation from Fiona Cottrell to the party in February 2025, her total contributions to Reform may reach approximately £1.75 million, with £1.25 million of that being transferred directly to the party—exceeding the amount publicly declared under her name with the Electoral Commission.
The nature of Fiona Cottrell’s financial support for Reform is particularly noteworthy given her son George’s association with Farage and the party. As a convicted fraudster and author of a book on money laundering, George Cottrell’s connection to Farage has drawn considerable media attention as Reform’s support has surged.
Although he is officially referred to as a volunteer or senior adviser, insiders suggest he has long been viewed as an unofficial treasurer, previously serving as deputy treasurer for Ukip and maintaining direct relationships with many of the party’s largest donors.
