UK Bank SAR Filed Over Farage’s £5M Gift Linked to USDT Tether Investor

UK bankers filed a Suspicious Activity Report (SAR) after a reported £5 million ($6.7 million) gift to Nigel Farage from crypto billionaire Christopher Harborne, a major investor in Tether. According to the Guardian, the SAR—submitted on May 16, 2024—told the UK’s National Crime Agency (NCA) that the banks could not trace the ultimate source of the funds. A SAR is not proof of wrongdoing; it prompts the NCA to decide whether further investigation is warranted. The news comes as Farage faces a UK parliamentary standards investigation over whether he should have declared the donation. Farage says he had no obligation to declare it, claiming the money was an “unconditional gift” and denying any reason to doubt the original source. He also argued the newspaper’s information was “illegally obtained,” and noted he was unaware of any NCA discussions. Harborne, described as UK- and Thailand-based, holds a 12% stake in the USDT issuer Tether and has donated millions to Reform UK. The article adds that banks treat transactions involving politically exposed persons (PEPs) as higher risk—especially when funds move in and out of cryptocurrencies, which can be harder to trace. Timing disputes are also raised: Farage’s lawyers said he received the money on April 5, 2024, while other financial sources cited by the report suggest some funds may have arrived after May 23, 2024. Farage is concurrently facing scrutiny over his financial disclosures and related political conduct.