Bank of England says that The Beatles broke the law.

This news seems a little late doesn’t it?  It seems a bit archaic and silly really.  Balance of money….blah blah blah.

Here’s what we’ve read.

The Bank of England discovered Beatles John Lennon and George Harrison had committed financial offences – but didn’t prosecute them.

Secret documents published today (November 9) show that the Bank was intrigued by how the stars were moving big sums of cash in and out of the UK, and concluded they had broken the law, reports The Guardian.

But documents, released under freedom of information legislation, reveal it was decided not to prosecute the rock legends.

At the time transfers of money in and out of Britain were tightly controlled, in contrast to today’s looser regulations. These “exchange controls” were designed to keep the economy stable. There were limits to how much sterling individuals could take abroad and how much foreign money they could keep in Britain.

The Beatles were under investigation in 1973, and by autumn 1974 it was decided that “technical offences…had been committed” due to the minor nature of the offences. It was also pointed out that the money brought into Britain had benefited the country.

Meanwhile The Beatles release a ‘mash-up’ album of their classic songs called ‘LOVE’ on November 20.

As previously reported by NME.COM, the album was created by Sir George Martin and his son Giles Martin. The pair used master tapes of original band recordings for a collaboration with Cirque Du Soleil.

John Lennon and George Harrison were guilty of breaking banking laws in the UK – but were too famous to prosecute. The Bank of England decided to turn a blind eye on the former BEATLES, despite them flouting strict laws on money transfers in the 1970s. According to new documents released this week (ends10NOV06), Lennon and Harrison’s affairs were investigated by the Bank due to the tight regulations of the time, after payments of GBP300,387 ($572,828) and various loans appeared in the stars’ accounts. But Bank staff were allegedly too starstruck to follow up investigations on the two men, report’s British newspaper The Guardian. Under British law, limits were imposed on the movement of money in and out of the UK, which the Beatles stars broke. However the Bank ignored the offences, deeming them too minor to prosecute.

Source: NME.com

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