A deposition by Bill Gates has revealed the extent of his relationship with the convicted sex offender Jeffrey Epstein, prompting the British Financial Conduct Authority (FCA) to launch a formal review. The transcripts, unsealed late Tuesday, show Gates acknowledging multiple meetings with Epstein between 2011 and 2013, contradicting previous public statements that downplayed their interactions.
The FCA’s investigation will scrutinise whether any financial transactions between Gates and Epstein violated UK anti-money laundering regulations. The watchdog has requested documents related to a $2 million payment Gates made to Epstein in 2011, ostensibly for philanthropic advice. Sources familiar with the matter indicate the FCA is particularly interested in whether this payment constituted a failure to conduct due diligence under the Money Laundering Regulations 2017.
Gates, in the deposition, described his relationship with Epstein as “a friendship” and admitted to visiting Epstein’s New York townhouse. “I wanted to discuss philanthropy,” Gates said, “but I now regret giving him the benefit of the doubt.” The deposition is part of a separate civil lawsuit against Gates by former Microsoft employees, but the FCA has flagged the financial aspects for a standalone review.
Climate activists have responded with alarm. Dr. Helena Vance, a science correspondent, notes that “the entanglement of a major climate philanthropist with a convicted predator sullies the critical work of energy transition.” Gates has invested billions through Breakthrough Energy Ventures, focusing on solar, wind, and nuclear technologies. The FCA review threatens to delay some of these projects as donors and partners reassess their involvement.
The timing is particularly unfortunate, given the COP28 climate summit’s emphasis on private sector capital. The Gates Foundation has pledged $1.5 billion to climate adaptation in developing nations, but questions about the Epstein ties could erode public trust. “We are witnessing a biosphere in collapse,” Vance adds, “and every distraction from funding solutions is a tragedy.”
Gates has not commented directly on the FCA review, but a spokesperson reiterated that “Bill’s only interactions with Epstein were for philanthropic purposes, and he has fully cooperated with all inquiries.” The FCA expects to conclude its initial assessment within three months.
This story is developing. Further details on the deposition and the FCA’s findings will be published as they emerge.
