BRITAIN: Secret documents published today show the Bank of England investigated John Lennon and George Harrison after they left the Beatles. The bank was intrigued by how they were shifting large sums of cash in and out of the UK and concluded they had committed technical offences.
But officials decided not to prosecute, documents released under freedom of information reveal. At the time, transfers of money in and out of Britain were tightly controlled, in contrast to loose regulations today. "Exchange controls" were designed to keep the economy stable.
The correspondence shows that in late 1973, the bank started to make inquiries about "JW Lennon". The official noted that he had been "advanced various sums by non-resident companies" and wanted "full details of these transactions".
Bank officials started to compile a file on the Beatles. Much of it has not been released, but it is clear from a memo from the bank that they were investigating payments to George Harrison of £300,387 and loans of £30,000 and $10,000 to both Lennon and Harrison. Lennon was by then living in New York.
By autumn 1974, the Bank had decided "technical offences . . . have been committed" but the infringements were too minor to prosecute. GM Binns of the bank noted that money brought into Britain had benefited the country. - (Guardian service)