- Farage alleges closure of bank accounts without explanation
- Possible connection to politically exposed persons (PEPs) laws
- Farage suggests prejudice due to Brexit stance and unfounded allegations
The 59-year-old former UKIP leader made the allegations in a six-minute social media video in which he claimed he was being targeted because the “corporate world” had not forgiven him for Brexit.
Nigel Farage asserts his bank accounts were closed “without explanation.”
The 59-year-old former UKIP leader said he worked for the “prestigious” financial business for over four decades.
He reported receiving a letter from the bank informing him that his personal and business accounts would be closed.
The bank did not explain the closures in the letter. But he was told over the phone that it was a “commercial decision.”
In a six-minute video posted on Twitter, Mr. Farage, the former leader of the Brexit Party, stated that losing his bank account was akin to being a “nonperson” and that the decision could “fundamentally affect my future career and whether I can even continue living in the United Kingdom.”
He stated, “A few months ago, I received a phone call informing me that my accounts were being closed. When I inquired as to why, no explanation was given.
“I was told a letter would arrive explaining everything; when the letter arrived, it simply stated, ‘We are closing your accounts, and we want to complete everything by a certain date,’ which is roughly now,'”
I objected, contacted the chairman, and received a call from a subordinate claiming it was a business decision.
“Therefore, I reasoned, well then, I’ll have to find a different bank. Seven banks have denied my request for a personal and corporate account.
“There is nothing irregular or unusual about what I do; the payments that come in and go out each month are pretty much the same, and I maintain a sizable positive cash balance in my business account, which I suppose is good for the bank given the current interest rates.”
He suggested that the closures may be related to “politically exposed persons” (PEPs) laws governing banks.
Due to their status, PEPs are at heightened risk of bribery and corruption.
PEPs include, among others, members of parliament, ministers, Supreme Court justices, and their family members. For accounts owned by PEPs, institutions are required to conduct enhanced due diligence.
Mr. Farage acknowledged that it was prudent for banks to ensure that foreign governments were not paying money to “corrupt politicians,” but he stated that additional compliance costs for banks must be proportional.
GB News presenter Nigel Farage said he may suffer “prejudice” since the “corporate world” hasn’t forgiven him for Brexit.
In his video, he also claimed that the “only explanation I can think of” for the decision was Labour MP Chris Bryant’s claim in the House of Commons that Mr. Farage had received nearly £550,000 from the Kremlin-backed TV channel RT.
Mr. Farage dismisses Mr. Bryant’s claims, made under parliamentary privilege and not repeated outside the House of Commons.
Mr. Farage stated, “The truth is I’ve never received any money from Russian-affiliated sources.”
