Aaron Banks has threatened legal action against the Electoral Commission for referring him for investigation (Picture: Getty Images)

A criminal investigation into insurance tycoon Arron Banks was today ended because ‘no evidence’ suggested his £8 million contribution to Leave.EU was unlawful.

He and the Brexit campaign group’s chief executive Liz Bilney were interviewed following a series of allegations about funding for the 2016 referendum.

Investigators have said no further action will be taken against the pair, Leave.EU or Better for the Country, Ltd, which administered the campaign.

The Electoral Commission, who referred Banks to the NCA in October, said the conclusion highlights a ‘weakness in the law’ over political funding.


The so-called ‘bad boy of Brexit’ said ‘victory is sweet’ and declared plans to sue the independent election regulator, claiming the case has resulted in loses of more than £10 million.

He said ‘victory is sweet’ after the National Crime Agency’s statement today (Picture: AFP/Getty Images)

Banks was accused of breaking electoral funding rules by using a non-UK based company to administer a loan.



But the NCA probe found he legally took out a loan from Isle of Man registered Rock Holdings Ltd.

He then was entitled to give the money, as an individual, to Better for the Country Ltd, which administered the Leave.EU campaign.

The NCA said they combed through information, including banking records, which were not part of the Electoral Commission’s probe and obtained advice from the Crown Prosecution Service.

They concluded they had seen no evidence suggesting the billionaire and his companies received third party funding for loans or that he acted as an agent for a third party.

Investigators say he took a loan from his Isle of Man based company and gave the money as an individual to Better for the Country Ltd (Picture: PA)

After the announcement, the Electoral Commission said: ‘We are concerned about the apparent weakness in the law, highlighted by this investigation outcome, which allows overseas funds into UK politics.

‘We have made recommendations that would tighten the rules on campaign funding and deter breaches.

‘We urge the UK’s governments to act on those recommendations to support voter confidence.

He calculated losses resulting from the case to be around £10 million (Picture: Getty Images)

‘Significant sums were spent on campaigning at the 2016 EU referendum and it is vital that voters have transparency over the way these campaigns were funded.

‘It is therefore right that suspected offences are investigated by the appropriate authorities, as the NCA has done in this case.’

Responding on Twitter, Banks said: ‘No overseas money was used in the Brexit campaign, it was my money.

‘We intend to issue a claim against the EC for the decision to refer this matter to the @NCA publicly. We calculate the losses well over £10 million.’

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