§ "This notice is being issued to staff at all airports at the specific request of the Treasury. The purpose of this notice is to remind you of the position concerning foreign currency so that you are on your guard against any suggestion that would involve you in breaking the law.
§ It is an offence under the Exchange Control Act 1947 for United Kingdom residents to buy, sell, retain or use foreign currency without the permission of the Treasury.
§ The Treasury has given permission for authorised issuers of foreign currency (which includes many banks, and some tour operators and travel agents) to sell foreign currency to travellers for travel expenditure. Travellers may buy foreign currency (including foreign exchange facilities such as travellers' cheques) from such issuers but any unused currency must be sold to an authorised issuer for sterling within one month from the date of the traveller's return to the United Kingdom.
§ Accordingly it is an offence:
- (a) to buy foreign currency from anyone other than an authorised issuer of foreign currency;
- (b) to sell foreign currency to anyone other than an authorised issuer;
- (c) to retain foreign currency instead of converting it into sterling within one month of your return to the United Kingdom;
- (d) to use foreign currency obtained for travel expenditure for any other purpose".