The United Kingdom's Electoral Commission has referred Arron Banks, a British businessman who co-founded one of the campaigns to exit the European Union, for criminal investigation for concealing the source of $10.3 million in campaign funds that were allegedly obtained improperly.

The big picture: The commission launched an investigation in November 2017 into whether Banks was actually the "true source" of loans to Better for the Country, which ran the campaign for the Brexit organization Leave.EU. The commission noted at the end of their release that any donations from a foreign entity would be considered "impermissible."