Bankers Filed SAR Over Farage's £5M Gift From Tether Billionaire

UK bankers filed a Suspicious Activity Report (SAR) in May 2024 concerning a £5 million gift received by Nigel Farage from a billionaire associated with Tether, a cryptocurrency stablecoin issuer. The filing prompted the National Crime Agency (NCA) to assess whether further investigation was warranted.

Sources familiar with the matter indicated that the SAR was lodged by Coutts, a private bank that previously held accounts for Farage. The bank's decision to file the report followed its decision in July 2023 to close Farage's accounts, a move that generated significant public and political controversy. At the time, Coutts cited "commercial reasons" for the account closure, but leaked documents later suggested that Farage's political views and association with controversial figures were contributing factors.

The £5 million gift reportedly came from an individual identified as a "Tether billionaire." Tether is a company that issues stablecoins, which are cryptocurrencies pegged to a stable asset, typically the US dollar. The cryptocurrency industry has faced increased scrutiny from regulators globally due to concerns about illicit finance and market manipulation.

The SAR process involves financial institutions reporting any suspected criminal activity to the relevant authorities, such as the NCA in the UK. This allows law enforcement agencies to investigate potential money laundering, terrorist financing, or other financial crimes. The filing of the SAR by Coutts suggests that the bank had concerns about the source or nature of the £5 million gift, prompting a review by the NCA.

Nigel Farage, a prominent Brexit campaigner and former leader of the UK Independence Party (UKIP) and the Reform UK party, has been a public figure for decades. His financial dealings and political associations have often been subjects of media attention. The involvement of the NCA in reviewing the SAR highlights the potential seriousness of the concerns raised by the bankers.