UK bankers filed a suspicious activity report with the National Crime Agency regarding a £5M gift to politician Nigel Farage from a Tether billionaire.
Regulation & Gov ·
UK bankers filed a suspicious activity report with the National Crime Agency in May 2024 regarding a £5 million gift to politician Nigel Farage from Christopher Harborne, a Tether investor who holds a 12% stake in USDT issuer Tether. The bankers could not trace the ultimate origin of the funds, though a suspicious activity report is not proof of wrongdoing but rather a flag inviting further examination by authorities.
Banks treat transactions involving politically exposed persons as higher risk for bribery or corruption. Harborne's crypto holdings compounded that concern in banking terms, since funds moving through cryptocurrencies are harder to trace. The gift's timing remains disputed: Harborne's lawyers said Farage received it on April 5, 2024, but financial sources cited by reporting suggested at least some arrived after May 23, 2024, when Farage initially said he would not run in that year's general election before reversing course days later.
Farage has described the transfer as an unconditional gift and has offered multiple explanations for its purpose, including security funding and compensation for Brexit campaigning. He claims he was not obligated to declare it, asserting he was not yet a politician when he received the money. The National Crime Agency has declined to confirm or deny receipt of the report, citing confidentiality rules.