Arron Banks insists Brexit campaign money was legitimate

Arron Banks & Nigel Farage

The claims have been given new life by the Electoral Commission's decision - made over the advice of its own enforcement officer, according to Mr Banks and his associate - to refer the question of Leave.EU's funding to the National Crime Agency (NCA) for further investigation.

"The money came from Rock Services, which was a United Kingdom limited company".

Mr Collins responded to the letter last week by saying he was "not going to be intimidated out of doing my job" by Mr Banks.

Challenged by Marr to explain where the money for his Brexit campaign came from, the millionaire businessman and self-style "bad boy of Brexit" again denied it came from overseas, saying instead it originated from his own United Kingdom businesses.

Andrew Adonis, a leading remain campaigner, said in a letter to the BBC that Banks's expected appearance was the result of "a very serious editorial misjudgment, influenced by a culture of accommodation to extreme Brexiteers now deeply embedded within the BBC".

Mr Banks revealed he will be publishing bank statements on Monday that show "no money came in from overseas foreign sources".

He told Sky News: "The £8m came from a United Kingdom company, the cash was generated in the UK".

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Pressed on how Rock Services could generate the £8m when it is listed as a non-trading company, Banks said the cash came from the insurance business of Rock Services and that all Leave funds were generated by UK-listed companies.

He previously told MPs in June that Rock Services "is a treasury function" and "just delivers the cash".

This would have made it an "impermissible" source of money under United Kingdom electoral law.

The tycoon is also facing allegations he may have misled parliament over links between Leave.EU and his aforementioned insurance business, Eldon Insurance, during the referendum.

The "unprecedented" involvement of the NCA in the case was an important step because the agency was able to examine all financial records of Banks's businesses, including in areas outside United Kingdom jurisdiction such as the Isle of Man, said Mr Collins. There's an argument he uses which is to say this is all politically motivated, this is not a proper investigation, it's about trying to delay Brexit. He also highlighted the little-discussed role of multinational investment banking corporations in the funding of the official Remain campaign, and pointed to the anti-Brexit bias of the Electoral Commission itself, among other things.

The Electoral Commission's review of referendum finances focused on £2m reported to have been loaned to Better for the Country by Banks and his insurance companies and a £6m donation he made alone.

Banks and Leave.EU chief executive Liz Bilney deny any wrongdoing.

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