Nigel Farage arrives to cast his vote in the European elections at a polling station in Biggin Hill, Kent, Britain, 23 May 2019 | Vickie Flores/EPA-EFE EU anti-fraud body considering investigation into Nigel Farage Former UKIP leader allegedly received gifts worth £450K from insurance tycoon and Brexit campaigner Arron Banks.

OLAF, the EU's anti-fraud agency, is in the process of determining whether to open a formal investigation into allegations that British politician Nigel Farage received £450,000 from a businessman.

The U.K.'s Channel 4 News program reported last week that Farage had received gifts worth £450,000 from insurance tycoon Arron Banks, a co-founder of the Brexit campaign group Leave.EU.

"We are aware of the press reports and public statements on the matter," a spokesperson for OLAF told POLITICO. "As a general rule, OLAF analyses incoming information of potential investigative interest according to standard procedures," the spokesperson said.

The spokesperson noted that the body analyzes whether there is sufficient suspicion of fraud, corruption or any illegal activity affecting the EU's financial interests, and whether the issues falls within the investigative policy priorities of OLAF.

"It is only after such an initial assessment, which is currently ongoing, that OLAF decides whether or not to open an investigation," OLAF said. The initial assessment "does not mean that the individuals in question are guilty of any wrongdoing," it added. "OLAF fully respects the presumption of innocence."

The European Parliament has already decided to open its own investigation into the Euroskeptic MEP and former UKIP leader over allegations that he failed to declare the gifts.

Farage, whose Brexit Party is expected to make big gains in the European election, has denied any wrongdoing.