NEAR PANIC ON FRENCH RIVIERA

Greymouth Evening Star, 15 April 1947, Page 7

NEAR PANIC ON FRENCH RIVIERA

British Currency Smuggling Hunt (Rec. 1 p.m.) LONDON, April 14. Near panic is reported to be spreading through the luxury hotels of the French Riviera as the British Treasury and Scotland Yard develop their investigations into currency smuggling. Holidaymakers, cut off from their black market sources of francs, are preparing to return home, not knowing whether when they arrive in Britain they will join the hundreds already summonsed on currency charges.

Exchange control in Britain limits purchases of foreign currency to what is required for essential imports or for sustenance, and in general it prevents the transfer of capital abroad without the consent of the British Treasury.. Number of Heavy Fines

At least 2000 cases of suspected infringements of the currency regulations by British subjects abroad are being investigated. Investigations into foreign currency, dealings based in London are also in progress and arrests of big dealers are expected soon. There has already been a number of heavy fines and today at Bow Street a magistrate fined a woman £550 on three summonses alleging that she issued cheques in France contrary to the currency regulations. Two cheques, which she cashed, were made payable to Max Intrator. Intrator, >a currency black marketeer who operated in France, is now in a Paris gaol awaiting trial as chief of an international currency smuggling ring.

The Daily Express Paris correspondent says that Intrator’s smuggling ring had a turnover of £150,000 monthly. The ring obtained English money in the form of notes smuggled out of Britain or cheques by purchasing it from British tourists at less than the official exchange rate. Cost £10,000,000 a Year The British currency was then sold to Frenchmen anxious to get British currency at far more than the official exchange. The francs thus acquired were then sent through ' Cairo to London, America or Switzerland and eventually back to France at an enormous profit.

Currency evasions by British subjects are stated to have cost the British Treasury £10,000,000 in one year since the war.