Inquiry Into the World Class Payments Bureau

Embed Size (px)

Citation preview

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    1/261

    ZG^MZT MO TBG @EQW@ZP @ETM TBG [MZHD CHASS ^APIGETS JWZGAW

    T@IMTBP DWTTME QC

    @eqw`zp Sgczgtaz`at

    Ah`cg B`clgp

    37 _`eg Stzggt( Hmedme GC3E :^R

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    2/261

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    3/261

    !

    CBA^TGZ 1

    @ETZMDWCT@ME

    1% Me ?tb Fweg :>>2 \Aeegr 1Y ae gia`h {as sget ozmi Jazchaps Jael tm Iz Lg`tb Fmegs at

    S~mzt Gekhaed h`st`ek tbg jael accmwets bghd jp Jazchaps omz S~mzt Gekhaed% @echwdgd

    aimekst tbg h`stgd accmwets {gzg tbzgg accmwets( t{m mo {b`cb d`d emt jghmek tm S~mzt

    Gekhaed at ahh aed a tb`zd lem{e as tbg [mzhd Chass ^apigets Jwzgaw {as ahsm h`stgd%

    Iz Fmegs d`d emt( bg tmhd ig( zgk`stgz tbg oact tbat tbg [mzhd Chass ^apigets Jwzgaw

    jael accmwet {as `dget`o`gd `e tbat gia`h( mz `o bg d`d zgk`stgz `t bg caeemt gr~ha`e {bp bg

    d`d emt zg~mzt `t tm sge`mz iaeakgiget% @e Dgcgijgz :>>2 tbg gr`stgecg mo tbg [mzhd

    Chass ^apigets Jwzgaw accmwet at Jazchaps d`d cmig tm tbg attget`me mo tbg tbge O`eaecg

    D`zgctmz( ^b`h`~ Iajg( {bge a jael statgiget {as zgcg`vgd at S~mzt Gekhaed aed zgogzzgd

    tm b`i% Bg za`sgd t `iigd`atghp {`tb tbg Cb`go Grgcwt`vg( Fgee`g ^z`cg( aed `eqw`z`gs

    staztgd% Fgee`g ^z`cg `e dwg cmwzsg za`sgd tbg iattgz {`tb Z`cbazd Hg{`s( tbg `ecmi`ek

    Cba`ziae% Z`cbazd Hg{`s {as a~~m`etgd `e A~z`h :>>0 aed Fgee`g ^z`cg `e A~z`h :>>;%

    Eg`tbgz bad aep dgah`eks { tb tbg [mzhd Chass ^apigets Jwzgaw mz `ts jael accmwet%

    Owztbgz( tbgzg bas jgge a chgaz `i~zmvgiget `e iaeakgiget aed o`eaec`ah cmetzmhs s`ecg

    tbg eg{ tgai tmml mvgz `e :>>; as {`tegssgs bavg tgst`o`gd "sgg Cba~tgz 0)%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    4/261

    *

    :% Bav`ek d`scmvgzgd a jael accmwet b tbgztm welem{e tm tbgi( tbg sge`mz iaeakgiget mo

    S~mzt Gekhaed aslgd Iz Cbz`stm~bgz Lghhp1

    tm cmedwct ae `evgst`kat`me( aed tm zg~mzt%

    Bg d`d sm aed zg~mztgd jp b`s o`zst zg~mzt `e A~z`h :>>0 aed jp a sgcmed zg~mzt tm S~mzt

    Gekhaed `e Fwhp :>>0% Tbg o`zst zg~mzt `ed`catgd tbat tbgzg {gzg azgas mo cmecgze ajmwt

    tbg sgtt`ek w~ aed m~gzat`me mo tbg [mzhd Chass ^apigets Jwzgaw% Tb`s `e twze hgd tm tbg

    cwzzget `eqw`zp jg`ek gstajh`sbgd me 1; Fweg :>>0 {`tb tbg tgzis mo zgogzgecg {b`cb azg

    attacbgd aed aeegrgd at Aeegr :% [b`hst @ bavg bad zgkazd tm tbg Lghhp zg~mzts "omz

    {b`cb @ ai kzatgowh) @ bavg cmedwctgd a iwcb imzg dgta`hgd `eqw`zp( talge gv`dgecg ozmi

    iaep {`tegssgs `e `etgzv`g{s aed bad accgss tm iaep tbmwsaeds mo dmcwigets :% Ip

    `etget`me `s tm ~zmv`dg dgo`e`t`vg aes{gzs {bgzg @ ~zm~gzhp cae tm cmecgzes za`sgd ajmwt

    tbg [mzhd Chass ^apigets Jwzgaw%

    @eqw`zp Igtbmdmhmkp

    3% @ bavg jgge `eqw z`ek {`tbmwt statwtmzp ~m{gzs `etm gvgets {b`cb s~ae jgt{gge tbg hatg

    swiigz mo 1000 aed Iazcb :>>;% @ bavg d`scmvgzgd dwz`ek tbg cmwzsg mo tbg `eqw zp tbat

    tbgzg bas jgge a hmekstaed`ek ~zmjhgi {`tb`e S~mzt Gekhaed `e zghat`me tm dmcwiget

    iaeakgiget( stmzakg aed zgtz`gvah% Tb`s ~zmjhgi bas gr`stgd s`ecg at hgast :>>1% @ bavg

    ahsm d`scmvgzgd tbat omz hmek ~gz`mds mo t`ig `e tbg pgazs ~z`mz tm :>>; S~mzt Gekhaed

    m~gzatgd a staoo`ek ~mh`cp {bgzgjp `t gi~hmpgd tgi~mzazp staoo me sbmzt tgzi cmetzacts(

    ~azt`cwhazhp `e tbg [mzhd Chass ^apigets Jwzgaw% @e add`t`me( aed imst sgz`mwshp( tbgzg

    bas jgge a s`ke`o caet twzemvgz mo sge`mz iaeakgiget {`tb`e S~mzt Gekhaed% Jgt{gge

    # #!

    $'/+")&,'(/# (%%-# +"# ># 1&/(:"+3# >33&4:)>:) /()>+:(7# ?-# ;,&/)# 2:0%>:7# ",(3+1+3>%%-# ) 3>//-# &4)# )'(# +:)(/:>%#

    +:6(")+0>)+&:#&:#?('>%1#&1#;,&/)#2:0%>:7#1&%%&:=#>33&4:)N*

    A?&4)# !JCJJJ# 7&34D(:)"# 3&D,4)(/+"(7# 7&34D(:)# D>:>0(D(:)# "-")(D# >:7# G# '>6(#

    >77+)+&:>%%-#?((:#,/&6+7(7#

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    5/261

    @

    1000 aed :>>; tbgzg bavg jgge em hgss tbae omwz cba`zige( s`r cb`go grgcwt`vgs aed omwz

    o`eaecg d`zgctmzs% Tbg cmij`eat`me mo ahh mo tbgsg bas hgd tm a ~zmjhgi omz tbg

    iaeakgiget mo S~mzt Gekhaed aed ahsm omz tbg cmedwct mo tb`s `eqw`zp% Ahtbmwkb @ bavg

    `etgzv`g{gd a hazkg ewijgz mo {`tegssgs3( @ bavg emt jgge ajhg tm `etgzv`g{ gvgzpmeg {bm

    {as cmecgzegd {`tb tbg aooa`zs mo tbg [mzhd Chass ^apigets Jwzgaw( mz {bm i`kbt bavg

    jgge ajhg tm cast h`kbt me tbg swjfgct% Tm dm sm {mwhd bavg jgge d`s~zm~mzt`meatg aed

    ~zmb`j`t`vghp gr~ges`vg% Owztbgz( @ aed ip geqw`zp tgai bavg omwed `t vgzp d`oo`cwht tm

    grtzact dmcwigets ozmi { tb`e tbg azcb`vgs at S~mzt Gekhaed% Tbg ~zmjhgi mo dmcwiget

    iaeakgiget d`d emt stazt {`tb tbg cwzzget iaeakgiget mo S~mzt Gekhaed tbgp `ebgz`tgd

    `t% Tbg ~zmjhgi kmgs jacl tm at hgast :>>1 {bge ^z`cg[atgzbmwsg Cmm~gzs cmiigetgd

    me tbg ~mmz dmcwiget iaeakgiget spstgi tbat m~gzatgd {`tb`e S~mzt Gekhaed% Tbg

    ~zmjhgi {as cmi~mwedgd jp cmet`ewmws zgmzkae`sat`mes( a zgstzwctwzg aed ae moo`cg

    imvg `e :>>:%

    4% S`ecg eg{ iaeakgiget tmml mvgz `e Iazcb :>>; dmcwigets azg jg`ek jgttgz iaeakgd(

    jwt tbg azcb`vgs mo mhd dmcwigets zgia`e d`smzkae`sgd% Tb`s bas hgd tm ip emt jg`ek

    ~zmv`dgd {`tb cmi~hgtg zgcmzds4% Hatgz `e tb`s zg~mzt @ dgah {`tb dmcwiget iaeakgiget%

    Tbg Cba`ziae aed Cb`go Grgcwt`vg azg {ghh a{azg mo tbg ~zmjhgi {b`cb tbgp bavg

    # #@

    F'(#"-")(D#)(7#"#&:(#&1#+:7+6+74>%#/(3&/7(7#+:)(/6+()(D(:)"N##

    G:#&/7(/#)"#(11+3+(:)%-#>"#,&""+?%(#D-#>""+")>:)#3&:)>3)(7#)'&"(#?%(#),/&6+7(#/(%(6>:)#

    +:1&/D>)+&:C#&11(/(7#)"4,,%-#>:-#/(%(6>:)#7&34D(:)"#'(%7#?-#)'(#G:L4+/-## H>:7#7+7#">"#/(L4(")(7C#+1#:((7"#?(#

    &: 3&D,4)(/#7+"="I#>:7#)'(#,(/"&:#"#+:6+)(7#)>))(:7#>:#+:)(/6+(:)#>:7#,/&6+7(7#+:1&/D>)+&:N## 8'(/(#G# /(1(/#) :7#3&DD4:+3>)+&:"#))'(#G:L4+/-N###^

    Q&/#(O>D,%(#)'(#+:6&+3("#"'#)'/&40'#)'(#8$95#

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    6/261

    ^

    `ebgz`tgd( aed tbgp azg addzgss`ek `t% A jgttgz spstgi mo bazd dmcwiget iaeakgiget aed

    mo tzacl`ek ozmi cmi~wtgz tm bazd cm~p aed tm stmzakg-azcb`vg `s eggdgd7%

    7% Tbg aimwet mo imegp {b`cb {as ~a`d `etm aed mwt mo tbg [mzhd Chass apigets Jwzgaw

    jael accmwet at Jazchaps Jael aimwetgd tm a h`tthg wedgz :> i`hh`me?% Tb`s zg~zgsgets a

    siahh ~zm~mzt`me mo tbg aeewah jwdkgt omz S~mzt Gekhaed omz tbg pgazs `e qwgst`me% @t bas

    jgge `i~mztaet tm S~mzt Gekhaed aed tm ig tbat @ sbmwhd cmedwct tbg `eqw`zp me a

    ~zm~mzt`meatg jas`s% @e mzdgz tm dm sm( @ bavg zgtz`gvgd dmcwigets {bgzgvgz ~mss`jhg aed

    cawsgd mvgz 1>(>>> mo tbgi tm jg ~hacgd `etm a cmi~wtgz`sgd dmcwiget iaeakgiget aed

    zgtz`gvah spstgi% Tb`s bas geajhgd a vgzp siahh geqw`zp tgai mo ipsgho( meg ass staet(

    aed mccas`meah mtbgz ad bmc bgh~( tm zgv`g{ tbg lgp dmcwigets {b`cb bavg jgge zgtz`gvgd

    jp tb s igtbmd% @e add`t`me( ewigzmws gia hs aed hgttgzs bavg jgge {z ttge tm S~mzt

    Gekhaed aed tm vaz`mws jmd`gs `e mzdgz tm zgtz`gvg dmcwigets tm ass`st `e tbg `eqw`zp%

    ?% Dgs~`tg tbg d`oo cwht`gs {`tb dmcwiget iaeakgiget aed zgtz`gvah( @ bavg zgcg`vgd imzg

    tbae swoo c`get iatgz`ah tm jg ajhg tm zgacb o`zi cmechws`mes as tm bm{ tbg [mzhd Chass

    ^apiget Jwzgaw {as m~gzatgd aed {bat hgssmes eggd tm jg hgazegd `e zghat`me tm `t%

    ;% @ adm~tgd tbg igtbmdmhmkp mo `etgzv`g{`ek {`tegssgs sm oaz as ~mss`jhg ozmi tbg imst

    fwe`mz tm tbg imst sge`mz% @ {aetgd tm d`scmvgz bm{ tb`eks {gzg {mzl`ek at kzmwed hgvgh

    # #B

    F'(# 7&34D(:)# D>:>0(D(:)# >:7# >/3'+6+:0# "-")(D# :((7"# ># 3&D,%()(# &6(/'>4%C# " )'>)# # ;,&/)# 2:0%>:7# 3>:#

    >334/>)(%-#%&0#D,%(C#)'(#34//(:)#3&D,4)(/#

    ,/&0/>DD(#:((7"#>#"(3)+&:#/3'+6(7#"#))'(#?&OS")&/>0(#1>3+%+)-#+:#

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    7/261

    B

    aed tm {mzl w~{azds% [bgzgvgz ~mss`jhg( @ bavg smwkbt tm ka`e a tbmzmwkb wedgzstaed`ek

    mo tbg [mzhd Chass ^apigets Jwzgaw% @ bavg dmeg sm jp `etgzv`g{`ek tbmsg {`tegssgs

    {bmi @ cmes`dgzgd `t egcgssazp tm bgaz ozmi( aed jp zgv`g{`ek as iaep dmcwigets as

    ~mss`jhg% As @ bad em statwtmzp ~m{gzs @ bavg zgh`gd me tbg cmm~gzat me mo ahh mo tbmsg

    aslgd tm attged omz `etgzv`g{% @e vgzp hazkg igaswzg @ bavg zgcg`vgd {`hh`ek bgh~ aed

    ass`staecg ozmi a s`ke`o`caet ewijgz mo ~gm~hg {`tbmwt {bmi `t {mwhd emt bavg jgge

    ~mss`jhg tm cmedwct tbg @eqw`zp aed omz {bmsg ass`staecg @ ai kzatgowh;%

    2% Tbg cmechws`mes {b`cb @ bavg zgacbgd aed tbg zgcmiigedat mes {b`cb @ ialg bavg jgge

    azz`vgd at get`zghp `edg~gedgethp% Swjfgct tm sges`jhg jwdkgt cmestza`ets @ bavg jgge ozgg

    tm ~wzswg tb`s `eqw`zp as @ cmes`dgzgd egcgssazp bav`ek zgkazd tm tbg tgzis mo zgogzgecg%

    Tbgzg bas jgge em `etgzogzgecg {batsmgvgz ozmi tbg iaeakgiget mo S~mzt Gekhaed% Me

    tbg cmetzazp tbgzg bas jgge act`vg gecmwzakgiget( aed tbgp bavg iadg oac`h`t`gs ava`hajhg

    omz ip ass staet tm cmetact {`tegssgs( aed tm sgazcb omz( aed zgtz`gvg dmcwigets% Tbg

    cmechws`mes @ bavg zgacbgd azg i`eg( aed i`eg ahmeg% Bm{gvgz( `e `etgzv`g{s @ bavg

    tgstgd ip gigzk`ek tb`el`ek {`tb tbmsg {bm bavg bghd iaeakgiget ~ms`t`mes% Ahtbmwkb

    tbg aimwets mo imegp `evmhvgd `e tbg [mzhd Chass ^apigets Jwzgaw azg( `e ~wjh`c

    ~zmcwzgiget tgzis( cmi~azat`vghp imdgst( tbgp azg cgzta`ehp emt imdgst sm oaz as

    `ed`v`dwah s~mzts( s~mztsige aed s~mzts{mige azg cmecgzegd% Tbgzg azg a ewijgz mo

    hgssmes {b`cb cae jg hgazet ozmi tb`s g~ smdg {b`cb azg mo {`dgz a~~h`cat`me omz tbg

    ~wz~msg mo wedgzstaed`ek bm{ hmttgzp aed grcbgqwgz `%g% ~wjh c oweds cae imst

    googct`vghp jg jzmwkbt tm wsg {`tb`e tbg cmiiwe`tp mo s~mzt% @ vgzp iwcb bm~g tbat ahh mo

    # #Z

    A#%+")#&1#+:)(/6+()#!**#$'/

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    8/261

    T

    tbg zgcmiigedat`mes {b`cb @ ialg {`hh jg actgd w~me omz tbg wht`iatg kmmd mo tbg

    s~mzt`ek cmiiwe`tp aed tbg ~wjh`c as a {bmhg%

    0% @ {`sb tm zgcmzd bm{ kzatgowh @ ai tm tbmsg {bm bavg ass`stgd ig% Ah cg B`clgp mo O`ghd

    O`sbgz [atgzbmwsg `e ~azt`cwhaz bas {mzlgd hmek bmwzs aed t`zghgsshp%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    9/261

    Z

    CBA^TGZ :

    GRGCWT@_G SWIIAZP

    1>% Tbgzg azg t{m tbgigs {b`cb bavg zwe tbzmwkbmwt tbg @eqw`zp% O`zst( @ bavg omwed tbat

    {`tb`e S~mzt Gekhaed tbg azz`vah mo hmttgzp imegp omz `evgstiget `etm s~mzt me tbg

    zgvgewg s`dg( aed `e ~azt`cwhaz `etm tbg [mzhd Chass ^gzomziaecg ^zmkzaiig( {as a eg{

    vgetwzg {b`cb {as `e ~azt aoogctgd jp ~mh`t`c`aes aed a dgs`zg sbazgd {`tb`e tbg s~mzt`ek

    cmiiwe`tp `tsgho omz imegp tm cmig mwt mo Hmttgzp oweds( `etm s~mzt`ek jmd`gs aed tm

    atbhgtgs% A tges`me {as m~gzat`ek as a zgswht mo tbg dgs`zg omz s~mzt`ek jmd`gs aed atbhgtgs

    tm zgcg`vg Hmttgzp imegp me tbg meg baed( aed tbg eggd `e tbg ~wjh`c `etgzgst omz ~wjh`c

    accmwetaj`h`tp aed stzmek kmvgzeaecg {`tb zgkazd tm tbg baedh`ek mo ~wjh`c oweds% Tbg

    gstajh`sbiget aed m~gzat`me mo tbg [mzhd Chass ^apigets Jwzgaw azmsg mwt mo( aed as a

    zgswht mo( tbg ~gzcg`vgd eggd tm geswzg tbat s~mzts ige aed {mige {gzg owedgd gvge

    tbmwkb tbg Eat`meah Kmvgze`ek Jmd`gs omz smig mo tbg s~mzts `e qwgst`me {gzg emt o`t omz

    ~wz~msg( jgcawsg tbg`z kmvgzeaecg aed o`eaec`ah azzaekgigets {gzg emt sw`tajhg omz tbgi

    tm zgcg`vg ~wjh`c oweds% Ip mvgzahh cmechws`me `s tbat jp em hatgz tbae tbg s~z`ek mo :>>:(

    `%g% `iigd`atghp aotgz tbg o`eaec`ah pgaz ged mo 31st Iazcb :>>:( `t sbmwhd bavg jgge

    zgcmke`sgd {`tb`e S~mzt Gekhaed tbat a iwcb o`zigz kzas~ eggdgd tm jg talge mo tbg eggd

    omz ~zm~gz accmwetaj`h`tp jp Eat`meah Kmvgze`ek Jmd`gs {b`cb {gzg emt o`t omz ~wz~msg

    {`tb a cmesgqwget googct me tbg owed`ek mo smig mo tbmsg jmd`gs% Jgcawsg mo tbg

    ewigzmws cbaekgs `e sge`mz iaeakgiget aed ~gzsmeegh { tb`e S~mzt Gekhaed( aed

    jgcawsg mo a hacl mo zgah lem{hgdkg mo tbg actwah {mzl`eks mo tbg [C^J( mz mo tbg

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    10/261

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    11/261

    K

    eggd omz b`kb qwah`tp gcmemi`cah aed googct`vg kmvgzeaecg azzaekgigets {`tb`e tbg

    Eat`meah Kmvgze`ek Jmd`gs mo s~mzt% @t {as tbg oa hwzg mo tbg s~mzt`ek cmiiwe`tp `e

    cgzta`e azgas tm geswzg tbat tbgp {gzg ~zm~gzhp kmvgzegd {bge Hmttgzp imegp {as o`zst

    d`zgctgd tm{azds tbg`z s~mzt {b`cb hgd tm tbg dgc`s`me tm gstajh`sb tbg [mzhd Chass

    ^apigets Jwzgaw% Bm{gvgz( bad tbgsg s~mzts zgs~medgd s{`othp tm tbg eggd omz ~zm~gz

    kmvgzeaecg( aed bad S~mzt Gekhaed omcwssgd `ts attget`me iwcb gazh`gz at sge`mz hgvghs me

    tbg eggd omz kmmd kmvgzeaecg( tbgzg {mwhd bavg jgge em dgc`s`me iadg omz tbg

    gstajh`sbiget mo a [mzhd Chass ^apigets Jwzgaw( aed imzg imegp `e zgah tgzis {mwhd

    `e ahh ~zmjaj`h`tp bavg omwed `ts {ap tm atbhgtgs%

    13% [bge tb`s `eqw`zp {as aeemwecgd tbgzg {gzg ~zgss zg~mzts ajmwt a ~mss`jhg ozawd {`tb`e

    S~mzt Gekhaed% @e Emvgijgz :>>? tbg T`igs zg~mztgd tbat tbgzg iap bavg jgge ozawd

    {`tb`e Lazatg Gekhaed ":>>7) Htd aed `e ~azt`cwhaz sws~`c`me {as ~m`etgd tm{azds `ts

    Cb`go Grgcwt`vg aed-mz tbg Jmazd mo Lazatg Gekhaed% Bav`ek cmedwctgd as tbmzmwkb a

    sgazcb as {as ~mss`jhg mo tbg dmcwigets ~zmv`dgd tm ig( aed bav`ek `etgzv`g{gd

    {`tegssgs( @ ai sat`so`gd tbat tbgzg {as em ozawd {`tb`e S~mzt Gekhaed `tsgho( aed tbat

    zgqwgsts omz ~apiget {gzg iadg m~gehp jp Lazatg aed mtbgzs% Jp tb`s @ igae tbat tbg

    [mzhd Chass ^apigets Jwzgaw {as bmegsthp gstajh`sbgd aed `t {as emt `etgedgd tm jg a

    zmwtg omz cbaeeghh`ek ~apigets weha{owhhp mz `i~zm~gzhp% Bm{gvgz( tbg spstgi as `t

    m~gzatgd {as( `e ip m~`e`me( oha{gd omz tbg zgasmes {b`cb @ k`vg `e tb`s zg~mzt%

    14% Tbg owedaigetah oha{ `e tbg spstgi {as tbat smig mzkae`sat`mes {b`cb bad jgge dggigd

    emt o`t omz ~wz~msg {gzg egvgztbghgss ajhg tm cgzt`op tbat `evm`cgs aka`est {b`cb tbgp {gzg

    # # # # #

    3&%%>?&/>)+6(%-N# # G:# ;,&/)# 2:0%>:7\"# 3>"(# )'(-# /(L4+/(# 0&&7# 0&6(/:>:3(# # +:# P>)+&:>%# V&6(/:+:0# 5&7+("# 1&/# )'(#

    7(6(%&,D(:)#&1#",&/)#+:#)'(#3&DD4:+)-N#

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    12/261

    !J

    sggl`ek dza{ dm{es mo imegp v`a tbg [mzhd Chass ^apigets Jwzgaw {gzg ~zm~gz

    ~apigets% [`tb`e S~mzt Gekhaed `tsgho @ bavg omwed tbat tbgzg {as `eswoo`c`get sczwt`ep

    mo tbg ~zm~z`gtp mo `ed`v`dwah ~apigets% [bat ba~~gegd {as tbat tbg [mzhd Chass

    ^apigets Jwzgaw jgcaig a ~zmcgss`ek owect`me omz tbg ial`ek mo ~apigets tm s~mzt`ek

    jmd`gs mz tbmsg {mzl`ek omz tbgi `e c`zcwistaecgs {bgzg tbg s~mzt`ek jmd`gs {gzg emt

    dggigd o`t omz ~wz~msg( jwt ahsm `e c`zcwistaecgs {bgzg tbgzg {as emt ah{aps adgqwatg

    sczwt`ep mo tbg zgqwgsts omz ~apiget tbgisghvgs% Tbg googct mo tb`s oha{ {as tbat meg

    caeemt zwhg mwt tbg ~mss`j`h`tp tbat ~apigets {gzg iadg `e c`zcwistaecgs {bgzg tbgp iap

    emt bavg jgge ~zm~gzhp dwg% Tb`s `s jgcawsg S~mzt Gekhaed zgh`gd w~me a ~zmcgss {bgzg

    jmd`gs dggigd emt o`t omz ~wz~msg {gzg `e tzwtb dz`v`ek tbg ial`ek mo tbg ~apigets%

    17% @e mzdgz tm dgtgzi`eg {bgtbgz mz emt tbgzg {as a ~attgze mo ozawd( mz `ed`v`dwah ozawd

    tbzmwkb tbg ial`ek mo `i~zm~gz cha`is v`a Eat`meah Kmvgze`ek Jmd`gs( @ bavg cawsgd a

    sai~h`ek grgzc`sg tm jg wedgztalge jp s~gc`ah`st cz`i`eah cmwesgh% Iz Lghhp bad ahsm

    wedgztalge b`s m{e sg~azatg grgzc`sg% Ip `eqw`z`gs zgvgah cmecgzes ajmwt ~apigets( aed

    `e ~azt`cwhaz ajmwt tbg vahwg mo smig mo tbg `evgstigets iadg jp S~mzt Gekhaed( jwt tbgp

    dm emt k`vg z`sg tm gv`dgecg mo ozawdwhget cmedwct% @t `s ahsm a~~azget ozmi tbg sai~h`ek

    grgzc`sgs {b`cb bavg jgge wedgztalge dwz`ek tbg cmwzsg mo tbg `eqw`zp( tbat imst `o emt

    ahh mo tbg owed`ek {b`cb {as zmwtgd tbzmwkb tbg [mzhd Chass ^apigets Jwzgaw gedgd w~

    `e tbg baeds mo tbmsg omz {bmi tbg ~apigets {gzg `etgedgd% Tbat dmgs emt igae tbat tbg

    cmet`ewgd advaec`ek mo ime`gs tbzmwkb tbg [mzhd Chass ^apigets Jwzgaw kavg kmmd

    vahwg omz imegp omz tbg ~wjh`c( {bmsg oweds {gzg jg`ek wsgd v`a Hmttgzp mz Grcbgqwgz

    kzaets% @e smig ~azt`cwhaz `estaecgs @ bavg zgacbgd tbg cmechws`me tbat tbg advaec`ek mo

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    13/261

    !!

    ime`gs tm cgzta`e mzkae`sat`mes sbmwhd bavg cmig tm a chmsg vgzp iwcb smmegz tbae `t d`d

    jgcawsg vahwg {as emt jg`ek acb`gvgd% ^wjh`c oweds cmwhd tbgzgomzg bavg jgge savgd%

    Swiiazp mo Oactwah O`ed`eks "czmsszgogzzgd etm tbg jmdp mo tbg zg~mzt)

    1?% Ip oactwah o ed eks azg cmeta`egd e Cba~tgzs 3 tm 0 `echws`vg% @e jz`go swiiazp6

    1?%1 S~mzt Gekhaed m~gzatgs `e a cmi~hgr zgkwhatmzp aed accmwet ek gev`zmeiget% @t

    bas stz`ekget accmwet`ek staedazds {b`cb `t iwst iggt omz tbg ~zm~gz stg{azdsb`~

    mo ~wjh`c oweds% "Cba~tgzs 3( 4 aed 7)%

    1?%: Tbg [mzhd Chass ^apigets Jwzgaw "[C^J) {as emt sgt w~ jp tbg Jmazd mo S~mzt

    Gekhaed as `t sbmwhd bavg jgge jwt jp iaeakgiget "Cba~tgzs 3 aed ?)%

    1?%3 A sg~azatg Jael Accmwet {as gstajh sbgd at Jazchaps Jael omz tbg

    [C^J "Cba~tgz 3)%

    1?%4 @e t`ahhp( ae Grcgh s~zgadsbggt spstgi {as wsgd omz tbg [C^J accmwet`ek

    owect`me% Hatgz a SAKG spstgi {as wsgd {b`cb m~gzatgd mwts`dg tbg ia`e Kzgat

    ^ha`es accmwet`ek spstgi at S~mzt Gekhaed"Cba~tgzs 3 aed ?)%

    1?%7 Tbg ~wz~msg mo tbg [C^J {as tm iaeakg ~apigets tm EKJs {b`cb {gzg emt o`t

    omz ~wz~msg aed tbgzgomzg emt sw`tajhg tm zgcg`vg ~wjh`c oweds%

    1?%? Tbg [C^J {as iaeakgd jp tbg @etgzeah Awd`t "hatgz zgeaigd tbg Iaeakgiget

    Awd`t) owect`me mo S~mzt Gekhaed% @t sbmwhd emt bavg jgge "Cba~tgzs 3 aed ;)%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    14/261

    !*

    1?%; ^apigets tm vaz`mws EKJs {gzg iadg tbzmwkb tbg [C^J Jazchaps Jael

    Accmwet jgt{gge :>>> aed :>>? "Cba~tgzs 3 aed ;)%

    1?%2 @t {as lem{e jp tbg Hmttgzp ^aegh aed iaeakgiget tbat smig EKJs {gzg oa`h`ek

    aed pgt tbgp cmet`ewgd tm jg owedgd tbzmwkb tbg [C^J omz hmek ~gz`mds mo t`ig

    "Cba~tgzs 3 aed ;)%

    1?%0 Eg`tbgz tbg Jmazd mo S~mzt Gekhaed emz tbg Awd`t Cmii`ttgg( emz tbg @etgzeah mz

    Grtgzeah Awd`tmzs( {gzg k`vge chgaz gemwkb zg~mzts mo tbg act`v`t`gs mo tbg [C^J

    aed `e ~azt`cwhaz tbg oact tbat `t {as m~gzat`ek `ts m{e jael accmwet "Cba~tgz 2)%

    1?%1> Eg`tbgz tbg @etgzeah Awd`tmzs emz Grtgzeah Awd tmzs `echwdgd tbg [C^J `e tbg`z

    awd`t ~zmkzaiigs mo S~mzt Gekhaed% "Cba~tgzs 3 aed 2)%

    1?%11 Tbg [C^J {as emt wsgd as a vgb`chg omz ozawd jp staoo at S~mzt Gekhaed

    "Cba~tgzs 3 aed ;)%

    1?%1: Tbg spstgi mo cbgcl`ek at S~mzt Gekhaed mo `evm`cgs swji ttgd jp EKJs {as emt

    zmjwst gemwkb( aed `t `s emt tbgzgomzg ~mss`jhg tm cmechwdg tbat ahh ~apigets

    zgqwgstgd aed iadg {gzg ~zm~gz megs "Cba~tgzs 3 aed ;)%

    1?%13 @t `s dmwjtowh tbat S~mzt Gekhaed mjta`egd vahwg omz imegp omz tbg `evgstigets

    iadg `etm smig mo tbg EKJs {b`cb {gzg baedhgd jp tbg [C^J "Cba~tgz ;)%

    1?%14 Iaeakgiget jzmwkbt `etm S~mzt Gekhaed `e :>>; bavg addzgssgd kmvgzeaecg aed

    cmetzmh `sswgs( aed czgatgd a iwcb `i~zmvgd cmetzmh gev`zmeiget "Cba~tgz 0)%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    15/261

    !@

    1?%17 Tbg spstgi em{ `e ~hacg omz EKJ owed`ek `s s`ke`o`caethp jgttgz tbae tbat `e ~hacg

    omz tbg ~gz`md mo tbg [C^J "Cba~tgz 0)

    Swiiazp mo Zgcmiigedat`mes

    1;% Ip zgcmiigedat mes azg swiiaz`sgd `e Cba~tgz 11% Tbgp oahh `etm t{m catgkmz`gs6

    EKJ Kmvgzeaecg

    1;%1 S~mzt Gekhaed aed WL S~mzt sbmwhd gstajh`sb a staed`ek S~mzts Kmvgzeaecg

    Cmii`ttgg tm adv`sg w~me aed vgt kmvgzeaecg azzaekgigets omz Eat`meah

    Kmvgze`ek Jmd`gs% ^wjh`c owed`ek sbmwhd emt jg advaecgd tm ae EKJ {bmsg

    kmvgzeaecg azzaekgigets azg emt sat`soactmzp% Ip zgcmiigedat`me `s `etgedgd

    tm jw`hd w~me tbg getbws`asi tm ewztwzg s~mzt {b`cb gr`sts `e smc`gtp( aed tm

    geswzg cmm~gzat`me jgt{gge tbg cmiiwe`tp mo s~mzt aed S~mzt Gekhaed-WL S~mzt

    me kmvgzeaecg qwgst`mes { tb accgss tm b`kb hgvghs mo gr~gzt sg% @ bm~g tbat

    statwtmzp `etgzvget`me cae jg avm`dgd% Tbg imdgh @ ~zm~msg cmeta`es v`ztwahhp em

    cmsts `i~h`cat`mes omz S~mzt Gekhaed mz WL S~mzt( jwt `t sbmwhd jg wsgowh omz ahh

    EKJs aed wht`iatghp omz tbg ~wjh`c {bm talg ~azt `e s~mzt% @ dm emt `etged tbat

    tbgzg sbmwhd jg pgt aemtbgz Qwaekm% As @ ialg chgaz `e cba~tgz 11( tb`s {`hh emt

    cawsg ae add`t`meah mjh`kat`me omz Eat`meah Kmvgze`ek Jmd`gs tbat ahzgadp iggt

    S~mzt Gekhaed+s aed WL S~mzt+s owed`ek aed kmvgzeaecg cz`tgz`a% [bat `s zgqw`zgd

    `s a sgzv`cg ~zmv`dgd jp S~mzt Gekhaed aed WL S~mzt {b`cb geajhgs Eat`meah

    Kmvgze`ek Jmd`gs tm acb`gvg b`kb staedazds mo kmvgzeaecg omz ahh Eat`meah

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    16/261

    !^

    Kmvgze`ek Jmd`gs `e s~mzt( aed geswzgs tbat ~wjh`c oweds azg emt {astgd me oa`h`ek

    Eat`meah Kmvgze`ek Jmd`gs%

    1;%: @ swkkgst tbat a zgv`g{ talg ~hacg `e t{m pgazs t ig {bge tbg S~mzts Kmvgzeaecg

    Cmii`ttgg bas jgge {mzl`ek aed tbg hgvgh mo `i~zmvgiget mo EKJs cae jg

    igaswzgd%

    S~mzt Gekhaed Kmvgzeaecg%

    1;%3 Igaswzgs azg jg`ek aed eggd tm jg talge as sgt mwt `e Cba~tgzs 0 aed 11 tm geswzg

    tbat tbg Kmvgzeaecg aed Cmetzmh gev`zmeiget at S~mzt Gekhaed cmet`ewgs tm

    `i~zmvg% Tbg zgcmiigedat`mes azg h`stgd `e Cba~tgz 11%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    17/261

    !B

    CBA^TGZ 3

    A EAZZAT@_G ACCMWET

    MO TBG S^MZTS CMWEC@H AED TBG [MZHD CHASS ^APIGETS JWZGAW

    12% Tbg S~mzts Cmwec`h {as gstajh`sbgd jp Zmpah Cbaztgz0 {b`cb gssget`ahhp ~zmv`dgd omz ae

    mzkae`sat`me {bmsg ~wz~msg {as tm ~zmimtg s~mzt {`tb`e smc`gtp omz tbg jgego`t mo ahh%

    10% @e tbg gazhp 100>s tbg kmvgzeiget aeemwecgd tbat t {mwhd etzmdwcg a Eat`meah Hmttgzp%

    :>% As tbg hgk`shat`me {as jg`ek ~zmimtgd tbgzg {as a ~gz`md dwz`ek tbg dgvghm~iget mo tbg

    Hmttgzp J`hh mo tbg ~zmimt`me mo kmmd cawsgs `etm {b`cb hmttgzp ime`gs cmwhd jg s~get%

    S~mzt {as ahhmcatgd :>' mo tbg tmtah oweds kgegzatgd omz Kmmd Cawsgs {`tb s`i haz sbazgs

    jg`ek ~zmv`dgd omz tbg azts( bgz`takg( cbaz`t`gs aed tbg I`hhgee`wi Cmii`ss`me% @e dwg

    cmwzsg tbg :>' sbazg omz s~mzt {as zgdwcgd tm 1?%?' {bge tbg Eg{ M~~mztwe`t`gs Owed

    {as gstajh`sbgd tbzmwkb hgk`shat`me% Tbg Eg{ M~~mztwe`t`gs Owed {as sgt w~ tm ialg

    kzaets tm gdwcat`me( bgahtb aed gev`zmeigetah ~zmfgcts wedgz `e`t`at`vgs s~gc`o gd jp tbg

    Kmvgzeiget1>

    %

    :1% Tbg S~mzts Cmwec`h( {b`cb at tbat t ig bad jmtb Gekh`sb aed Kzgat Jz ta`e

    zgs~mes`j`h`t`gs( {as dgs`keatgd as a d`stz`jwt`ek jmdp omz s~mzt `e Gekhaed%

    # #K

    F'(#D&")#/(3(:)#$'>/)(/#+"#!KKT!J

    Tbg Eg{ M~~mztwe`t`gs Owed aed tbg Cmiiwe`tp Owed jgcaig tbg J`k Hmttgzp Owed( adi`e`stzat`vghp czgatgd `e

    Fweg :>>4% @e zgs~mesg jp tbg CC^Z tm a DCIS dmcwiget me Eat`meah Hmttgzp( `t statgs Tbg 1003 Eat`meahHmttgzp Act ahhmcatgd :>' mo owed ek tm s~mzt% Tbg 1002 Act zgdwcgd tb`s tm 1?%?' tbg saig o`kwzg as tbat ~zm~msgd`e tbg Eg{ Eat`meah Hmttgzp J`hh%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    18/261

    !T

    ::% Tbg 1003 Hmttgzp Act aed tbg o`eaec`ah d`zgct`mes iadg wedgz t ahhm{gd omz d`stz`jwt`ek

    jmd`gs mehp tm ahhmcatg hmttgzp owed`ek omz ca~`tah ~zmfgcts% [`tb tbg Act caig ~mh`cp aed

    o`eaec`ah d`zgct`mes {b`cb {gzg `sswgd jp tbg Dg~aztiget omz Eat`meah Bgz`takg {b`cb

    hatgz jgcaig tbg Dg~aztiget omz Cwhtwzg( Igd`a aed S~mzt aotgz 100;6 DCIS%

    :3% Tbg o`eaec`ah d`zgct`mes {gzg megzmws aed iaedatmzp% Tbgp cmvgz staedazds aed qwah tp

    mo kmvgzeaecg {b`cb azg gr~gctgd ozmi d`stz`jwtmzs `echwd`ek `e swcb azgas as ~zmcgssgs(

    cmeswhtat`me( `edg~gedgecg( `eomziat`me aed zg~mzt`ek zgqw`zgigets( ime`tmz`ek aed

    gvahwat`me zgqw`zgigets as {ghh as accmwet`ek mjh`kat`mes%

    :4% Tbg o`eaec`ah d`zgct mes {gzg owztbgz zg`eomzcgd jp tbg ~wjh`cat me jp tbg DCIS mo

    accmwet`ek d`zgct`mes% @ {as tmhd jp Dav`d Caz~getgz tbat Tbg S~mzts Cmwec`h "bgzgaotgz

    S~mzt Gekhaed `ts cmiimehp lem{e eaig) tmml hgad`ek cmwesghs adv`cg as tm tbg

    statws mo o`eaec`ah d`zgct`mes11

    % Accmzd`ek tm Iz Caz~getgz( S~mzt Gekhaed {gzg cmzzgcthp

    adv`sgd tbat o eaec`ah d`zgct`mes bad iaedatmzp googct aed tbat a oa`hwzg tm cmi~hp {`tb

    tbgi {mwhd zgedgz tbg S~mzt Gekhaed act`me weha{owh%

    :7% Tbg googct mo tbg ~z`iazp hgk`shat`me wedgz tbg Hmttgzp Act( aed o eaec`ah d`zgct`mes {as

    tbat gr`st`ek o eaec`ah igimzaeda mz kw`daecg `sswgd ~wzswaet tm tbg Zmpah Cbaztgz {as

    em{ tm jg swjfgct tm tbg hgk`shat`vg ~zmv`s`mes mo tbg Act aed tbg o`eaec`ah d`zgct`mes% %

    :?% Tbg S~mzts Cmwec`h cmet ewgd tm zgcg`vg jmtb Hmttgzp aed Grcbgqwgz owed`ek tbzmwkbmwt

    tbg ~gz`md {`tb {b`cb @ ai cmecgzegd% Hmttgzp owed`ek {as swjfgct tm d`oogzget

    # #!!

    X-#)(>D#3&4%7#:&)#%&3>)(#)'+"#>76+3(#?4)#G#'>6(#:/(>"&:#)&4?)#)'>)#+)#"#0+6(:N

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    19/261

    !Z

    accmwet`ek zgqw`zgigets ozmi Grcbgqwgz owed`ek% Tm swiiaz`sg a zghat`vghp

    cmi~h`catgd azga( tbg i~mztaet d`oogzgecgs azg as omhhm{s6

    :?%1 Hmttgzp kzaets cae jg iadg( aed {gzg iadg( mvgz a omwz pgaz cpchg `e mzdgz tm

    geswzg tbat owed`ek cmwhd jg ~zmv`dgd omz tbg hmek tgzi dgvghm~iget mo s~mzts aed

    atbhgtgs azmwed iafmz cmi~gt`t`mes swcb as tbg Mhpi~`c Kaigs%

    :?%: Grcbgqwgz owed`ek( jp cmetzast( `s accmwetgd omz aeewahhp aed aep Grcbgqwgz

    kzaet iwst jg s~get {`tb`e tbg pgaz mo kzaet `e qwgst me mz {`hh jg swjfgct tm cha{

    jacl jp tbg Grcbgqwgz%

    :;% Tbgsg azg t{m owedaigetahhp d`oogzget accmwet`ek a~~zmacbgs aed tbgp bavg hgd tm

    stzaeds mo owed`ek jg`ek ava`hajhg {`tb`e S~mzt Gekhaed omz tbg ~wz~msgs mo s~mzt `e

    c`zcwistaecgs {bgzg d`oogzget cmes`dgzat`mes bavg a~~h`gd tm d`oogzget owed`ek stzgais%

    Omz ~zgsget ~wz~msgs {bat iattgzs `s tbat tbgzg cmwhd emt jg a s`i~hg aiahkaiat`me mz

    `etgzi`ekh`ek mo Grcbgqwgz aed Hmttgzp owed`ek emz cmwhd Grcbgqwgz aed Hmttgzp oweds

    jg tzgatgd omz accmwet`ek ~wz~msgs `e tbg saig {ap%

    :2% Mecg tbg Hmttgzp kmt wedgz{ap Eat`meah Hmttgzp oweds omz tbg kmmd cawsgs {gzg bghd

    jp tbg DCIS "aed `ts ~zgdgcgssmz dg~aztiget) `e tbg Eat`meah Hmttgzp D`stz`jwt`me Owed%

    Oweds {gzg tbge dza{e dm{e zgkwhazhp as zgqw`zgd jp gacb d`stz`jwtmz `e accmzdaecg {`tb

    tbat d`stz`jwtmzs owed`ek ~zmo`hg( me a imetbhp jas`s dg~ged`ek w~me tbg grtget mo

    zgqw`zgigets omz ~apiget tm jg iadg imetb jp imetb% Tbg gv`dgecg ~zmv`dgd tm ig jp

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    20/261

    !_

    Iz Casgp `ed`catgs tbat tb`s ~zmcgss {as t`kbthp cmetzmhhgd aed tbat `e tbg o`zst pgaz mo

    d`stz`jwt`me mo Hmttgzp oweds bg zgcahhs tbat tbg S~mzts Cmwec`h dzg{ smig advgzsg

    cmiigets ozmi tbg Eat`meah Awd`t Moo`cg jgcawsg `t bad a zgsgzvg mo7 i`hh`me at tbg

    pgaz ged dgs~`tg bav`ek a twzemvgz mo egazhp 1>> i`hh`me%

    Tbg Eatwzg mo Kzaets

    :0% @e 1004 aotgz a ~gz`md mo cmeswhtat`me( tbg S~mzts Cmwec h ~wjh`sbgd `ts ~mh`c`gs aed

    ~zmcgssgs omz hmttgzp d`stz`jwt`me% Tbg S~mzts Cmwec`h gr~gctgd tbat `ts aeewah jwdkgt( mo

    tbge smig 3> i`hh`me( {mwhd `eczgasg jp aeptb`ek w~ tm ajmwt 3>> i`hh`me1: `e tbg

    s~acg mo a iattgz mo imetbs% Iz Casgp zgcmwets tbat {`tb`e tbg S~mzts Cmwec`h a siahh

    ~zmfgct tgai {as gstajh`sbgd `e mzdgz tm dz`vg omz{azd a ~zmfgct omz tbg zgcg`~t aed

    d`stz`jwt`me mo vgzp hazkg swis mo imegp azz`v`ek v`a tbg hmttgzp%

    3>% At tbg saig t`ig tbg Eat`meah Awd`t Moo`cg( me jgbaho mo kmvgzeiget( jgkae a ~zmcgss mo

    sczwt`e`s`ek ~zmcgssgs( ~zmcgdwzgs aed mvgzahh cmz~mzatg kmvgzeaecg azzaekgigets at tbg

    S~mzts Cmwec`h sm as tm geswzg tbat tbg S~mzts Cmwec`h {as cmi~gtget tm d`stz`jwtg hmttgzp

    owed`ek%

    31% At tbg ged mo tbg ~gz`md mo adfwstiget aed `estahhat`me mo eg{ ~zmcgssgs {`tb`e tbg S~mzts

    Cmwec`h( tbg Eat`meah Awd`t Moo`cg cmedwctgd a omziah zgv`g{ tm sat`sop `tsgho tbat tbg

    S~mzts Cmwec`h {as cmi~h`aet {`tb tbg zgkwhatmzp zgqw`zgigets mo tbg Act( tbg o`eaec`ah

    d`zgct mes as {ghh as {`tb tbg Eat`meah Awd`t Moo`cgs m{e gr~gctat`mes omz awd`t

    ~wz~msgs% @e add`t`me( tbg Dg~aztiget mo Eat`meah Bgz`takg "as `t tbge {as) cmedwctgd `ts

    # #!*

    Y>6+7#$>/,(:)(/\"#(6+7(:3(N

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    21/261

    !K

    m{e zgv`g{ tbzmwkb ae `edg~gedget adv`sgz% @t `s tm tbg S~mzts Cmwec`hs czgd`t aed `e

    ~azt`cwhaz tbg czgd`t mo Iz Dgzgl Casgp( tbg Cb`go Grgcwt`vg( aed Iz Dav`d Caz~getgz

    Hmttgzp ^haee`ek Tgai Hgadgz aed D`zgctmz mo Hmttgzp Owed 1003 1000 "Imzg Igdahs

    D`zgctmz 1000 :>>3) tbat tbg S~mzts Cmwec`h {as omwed tm jg cmi~gtget jp ahh

    cmecgzegd( ahtbmwkb tbgzg {gzg smig cmiigets iadg dwz`ek a DCIS Zgv`g{ mo

    @etgzeah Awd`t {b`cb igz`t d`scwss`me "sgg ~azakza~bs 3244)% Tbg S~mzts Cmwec`h

    cmedwctgd tbg {mzl {`tb tbg `etget`me mo ial`ek `t swoo`c`gethp zmjwst tm zgcg`vg aed

    d`stz`jwtg Hmttgzp oweds `e a zghat`vghp sbmzt ~gz`md mo t`ig%

    3:% Me :1 Iazcb 1007 tbg Sgczgtazp mo Statg( Stg~bge Dmzzghh( aeemwecgd tbg `eawkwzah

    a{azds mo Hmttgzp kzaet% Tbg S~mzts Cmwec`h {as swccgssowh as a zgc`~`get mo

    awtbmz`sat`me tm zgcg`vg Hmttgzp ime`gs omz tbg ~wz~msgs mo s~mzt%

    33% Dgc`s`mes as tm tbg d`stz`jwt me mo kzaet ime`gs hap `e tbg baeds mo tbg S~mzts Cmwec`h

    `tsgho% @e mzdgz tm geswzg tbat dgc`s`mes {gzg ~zm~gzhp iadg a Hmttgzp A{azds ^aegh13

    {as

    gstajh`sbgd tm adv`sg tbg Cmwec`h aed act as tbg ~z`iazp sczwt`e`sgz mo a~~h`cat`mes omz

    Hmttgzp imegp% [bge tbg zwhgs {gzg cbaekgd `e 100; tm ahhm{ omz Zgvgewg Kzaets tm jg

    iadg tbg Hmttgzp ^aegh {as d`v`dgd `etm t{m sped`catgs% Tbg [mzhd Chass Sped`catg

    dgaht {`tb a~~h cat`mes omz [mzhd Chass `%g% gh`tg ~gzomziaecg owed`ek%

    34% @e add`t me tm tbg gstajh sbiget mo tbg Hmttgzp A{azds ^aegh tbg S~mzts Cmwec`h tmml

    stg~s tm stzgektbge `ts Awd`t Cmii`ttgg% At ahh t`igs omhhm{`ek tbg a{azd mo tbg o`zst

    hmttgzp kzaet( zg~zgsgetat`vgs mo tbg Eat`meah Awd`t Moo`cg sat me tbg Awd`t Cmii`ttgg mo

    # #!@

    F'(#:>D(#&1#)'(#U&))(/-#9>:(%#"#%>)(/#3'>:0(7#))'(#G:6(")D(:) 9>:(%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    22/261

    *J

    tbg S~mzts Cmwec`h as mjsgzvgzs aed {mwhd talg ~azt `e tbmsg iggt`eks% Tbg EAM

    zg~zgsgetat`vgs {gzg `e attgedaecg aed {gzg emt owhh igijgzs% Tbgp cmwhd( aed d`d ozmi

    t`ig tm t`ig cmetz`jwtg( at tbg Cba`ziaes `ev`tat`me% @e add`t`me( Awd`t Cmii`ttgg

    ~a~gzs {gzg sget tm tbg Dg~aztiget omz Eat`meah Bgz`takg mz DCIS( {bm {gzg mjsgzvgzs

    at Cmwec`h iggt`eks wet`h 1002% Tbg DCIS bavg ahsm jgge attged`ek as mjsgzvgzs s`ecg

    at hgast :>>;%

    37% Jgomzg twze`ek tm tbg ial`ek mo zgvgewg kzaets( tbgzg azg tbzgg mtbgz azgas w~me {b`cb @

    eggd tm cmiiget%

    Tbg S~mzts Cmwec`h aed WL S~mzt

    3?% O`zst( dwz`ek tbg ~gz`md tm {b`cb @ zgogz( tbgzg {as a s`ke`o`caet zgmzkae`sat me mo tbg

    S~mzts Cmwec`h {b`cb hgd tm tbg S~mzts Cmwec`h jg`ek eaigd as S~mzt Gekhaed aed tm a

    sg~azatg mzkae`sat`me jg`ek gstajh`sbgd lem{e as WL S~mzt% Tbg ~wz~msg {b`cb hap

    jgb`ed tb`s {as tm geswzg tbat kzaets omz s~mzt`ek ~wz~msgs {b`cb {gzg zghgvaet tm

    Gekhaed {gzg sw`tajhp ahhmcatgd aed tbmsg zghgvaet tm tbg WL as a {bmhg {gzg s`i`hazhp

    a~~zm~z atghp ahhmcatgd% WL S~mzt `s em{ tbg jmdp {`tb zgs~mes`j`h`tp omz tbg gh`tg

    owed`ek mo Mhpi~`c aed ^azahpi~`c s~mzts% @e tbg `e`t`ah ~basg mo zgvgewg owed`ek( S~mzt

    Gekhaed dgaht {`tb WL zgvgewg kzaets ahsm me jgbaho mo WL S~mzt ozmi Fwhp 1000 wet`h

    WL S~mzt {as `tsgho dgs`keatgd as cmi~gtget jp tbg Eat`meah Awd`t Moo cg omhhm{`ek tbg

    Spdegp Mhpi~`cs `e :>>>%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    23/261

    *!

    Oa`hwzg at tbg Athaeta Mhpi~`cs e 100?

    3;% Tbg sgcmed iattgz `s tbat `e 100? tbg Kzgat Jz`ta`e tgai at tbg Athaeta Mhpi~`cs oazgd

    grtzgighp jadhp% Tbg KJ tgai oghh tm 3?tb

    ~hacg `e tbg igdah tajhg aed mehp {me meg

    kmhd( g`kbt s hvgz aed s`r jzmeg igdahs% Tb`s {as tbg {mzst igdah bawh omz Kzgat Jz ta`e

    s`ecg 107:% Tbg swiigz mo 100? {as tbgzgomzg a swiigz mo sgz`mws d`sa~~m`etiget as tm

    tbg ~gzomziaecg mo `ed`v`dwah atbhgtgs aed tgais at tbg Athaeta Mhpi~`cs% S~mzts

    adi`e`stzatmzs bad sgge tbg oa`hwzg cmi`ek% Tb`s `e twze czgatgd ~zgsswzg me tbg

    kmvgzeiget( ~mh`t`c`aes aed S~mzt Gekhaed tm `etzmdwcg Hmttgzp zgvgewg ~zmkzaiigs as

    smme as ~mss`jhg `e mzdgz tm tzp tm jgk`e tm zgvgzsg tbg oa`hwzgs `e Athaeta aed `e ~azt`cwhaz

    tm bavg `e ~hacg b`kb qwah`tp tgais aed atbhgtgs omz tbg Spdegp Mhpi~`cs `e :>>> as {ghh

    as tbg Cmiime{gahtb Kaigs `e :>>: {b`cb {gzg tm talg ~hacg `e Iaecbgstgz%

    DCIS ggz Zgv`g{ mo tbg @etgzeah Awd`t Owect`me mo S~mzt Gekhaed

    32% Tbg tb`zd ~m`et `s tbat `e 100; tbg `etgzeah awd t dg~aztiget mo S~mzt Gekhaed {as `tsgho

    swjfgct tm sczwt`ep aed zg~mzt jp tbg DCIS% Tbg d`zgctmz mo tbat dg~aztiget wet`h :>>7

    {as Iz Jazzp Cb`vgzs% @edggd( bg `s meg mo tbg vgzp og{ sge`mz igijgzs mo S~mzt

    Gekhaed staoo {bm zgia`egd `e ~mst tbzmwkbmwt imst mo tbg ~gz`md {`tb {b`cb @ ai

    cmecgzegd6 bg {as a hmek sgzv`ek gi~hmpgg aed sgzvgd as D`zgctmz mo @etgzeah Awd`t "mz

    Iaeakgiget Awd`t) aed as D`zgctmz mo Kmvgzeaecg Asswzaecg aed Z`sl wet`h Iap :>>7%

    30% Tbg DCIS zg~mzt `etm tbg `etgzeah awd t owect`me at S~mzt Gekhaed {b hst sat so gd {`tb

    smig as~gcts {as cz`t`cah mo mtbgz as~gcts mo `etgzeah-iaeakgiget awd`t aed mo smig mo

    `ts ~zmcgssgs%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    24/261

    **

    4>% @e ~azakza~b :%4 mo tbg zg~mzt( tbg DCIS statgd6

    @e mwz m~`e`me DCIS azg ajhg tm zghp w~me tbg `etgzeah awd`t {mzl cazz`gd mwt

    jp aed me jgbaho mo tbg GSCs `e jmtb kzaet`ek a`d aed hmttgzp spstgis% Bm{gvgz(

    {g azg cmecgzegd at tbg hgvgh mo awd`t act`v`tp tbzmwkbmwt 100?-100; me {b`cb tbg

    DCIS {`hh mehp jg ajhg tm talg i`e`iah asswzaecg% Tbg GSC {`hh eggd tm geswzg

    tbat tbg awd`t ~hae s igt omz 100;-1002% Tbg Bgad mo @etgzeah Awd`ts asswzaecg

    ahsm eggds tm cmvgz tbg {bmhg mo tbg `etgzeah cmetzmh spstgi%

    41% @e ~azakza~b 3%3 mo tbg zg~mzt wedgz tbg bgad`ek @edg~gedgecg tbg DCIS statgd6

    Tbg Bgad mo Iaeakgiget Awd`t Zg~mzts tm tbg Cb`go Grgcwt`vg mo tbg GSC( {`tb

    {bmi bg bas zgkwhaz omzte`kbthp iggt`eks( aed tm tbg Awd`t Cmii`ttgg% Bm{gvgz(

    tbg iaeakgiget awd`t owect`me `s emt smhghp ae `etgzeah awd`t we`t% @t ahsm acts as

    a cmeswhtaecp owect`me aed dwz`ek 100?-100;( omz grai~hg( tbg awd`tmzs {gzg

    grtges`vghp `evmhvgd {`tb tbg zgmzkae`sat`me mo tbg S~mzts Cmwec`h `etm tbg GSC

    aed WLSC aed `e tbg `i~hgigetat`me mo tbg zgcmiigedat`mes ozmi tbg D/T

    zg~mzt% As a zgswht mo tb`s add`t`meah zgs~mes j`h`tp {mzl mehp 13 awd`ts {gzg

    wedgztalge%

    4:% Tbg zg~mzt cmet`ewgd6

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    25/261

    *@

    K@AI "J:%11) statgs tbat `etgzeah awd`tmzs sbmwhd emt bavg m~gzat`meah

    zgs~mes`j`h`t`gs mwts`dg awd`t% @o `etgzeah awd`tmzs ~gzomzi emeawd`t {mzl `t

    sbmwhd jg wedgzstmmd tbat tbgp azg {mzl`ek sg~azatghp ozmi `etgzeah awd`t%

    K@AI "J1%11) ahsm saps tbat `etgzeah awd`t sbmwhd bavg em grgcwt`vg

    zgs~mes`j`h`t`gs% [g azg cmecgzegd tbat tbgsg d`st`ect`mes azg emt jg`ek iadg at

    tbg GSC% As a zgswht tbgzg cae jg a jhwzz`ek mo `edg~gedgecg% @t `s ahsm imzg

    d`oo`cwht tm jg mjfgct`vg {bge awd`t`ek spstgis tbat tbg awd`tmzs bavg ass`stgd `e

    sgtt`ek w~%

    43% Tbgsg {mzds {gzg aws~`c`mws k`vge tbg gvgets {b`cb @ dgscz`jg `e tb`s zg~mzt% Tbg

    dmcwiget ozmi {b`cb @ bavg fwst qwmtgd {as zgad jp Iz Cb`vgzs as bg aclem{hgdkgd tm

    ig( aed `edggd baed{z`ttge emtgs bavg jgge iadg aka`est tbg ~azakza~bs ozmi {b`cb @

    bavg fwst qwmtgd%

    44% Gvge {`tbmwt a zg~mzt {b`cb ialgs tbg mjsgzvat`mes tbat @ bavg fwst zgogzzgd tm( `t `s

    mjv`mws tm ae awd`tmz mz accmwetaet tbat a ~gzsme d`scbazk`ek ae `etgzeah awd`t owect`me

    sbmwhd emt ahsm bavg grgcwt`vg zgs~mes`j`h`tp omz tbg zwee`ek mo a ~azt mo tbg jws`egss%

    Tb`s k`vgs z`sg tm a cmeoh`ct% Ahh ~azts mo tbg jws`egss eggd tm jg tbg swjfgct mo `etgzeah

    awd`t sczwt`ep( {b`cb iwst jg `edg~gedget ozmi tbg jws`egss owect`mes `e tbg

    mzkae`sat`me% Em {`tegss {bm bas ~zmv`dgd `eomziat`me tm tb`s `eqw`zp bas smwkbt tm

    cmedmeg a ~zact`cg {bgzgjp ae `etgzeah awd`t owect`me ahsm bas grgcwt`vg zgs~mes`j`h`tp% %

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    26/261

    *^

    Zgvgewg Kzaets

    47% Omhhm{`ek a cbaekg mo Sgczgtazp mo Statg `e hatg 1007 tm _ zk`e`a Jmttmihgp( tbg

    Kmvgzeiget `ed`catgd tbat `t i`kbt sw~~mzt a ~zm~msah {bgzgjp S~mzt Gekhaed {as emt

    cmes`kegd s`i~hp tm tbg ial`ek mo ca~`tah kzaets ozmi `ts hmttgzp owed`ek% Iz Casgp

    zgcahhs tbat `e tbg s~z`ek mo 100? S`z Zmdegp [ahlgz( tbge Cba`z mo tbg S~mzts Cmwec`h(

    aed sge`mz moo`cgzs igt tbg Sgczgtazp mo Statg {bm `ed`catgd tbat sbg {as ~zg~azgd tm

    cmes`dgz ahhm{`ek a siahh ~zm~mzt`me( emt imzg tbae 17' mo tbg tmtah Hmttgzp owed`ek omz

    s~mzt tm jg wsgd tm sw~~mzt aed ass`st tbg dgvghm~iget mo b`kb hgvgh ~gzomziaecg%

    4?% As @ bavg `ed`catgd `e ~azakza~b 3;( tbg ~zmcgss tm{azds ~gzi`tt ek zgvgewg kzaets {as

    jzmwkbt `etm b`kb zgh`go jp tbg ~mmz ~gzomziaecg mo Jz`t`sb atbhgtgs `e Athaeta `e 100?%

    [`tb`e S~mzt Gekhaed `tsgho `t {as zgcmke`sgd tbat a stg~ cbaekg14 {as zgqw`zgd% S~mzt

    Gekhaed wedgztmml zgsgazcb sm as tm jg ajhg tm ~wt `e ~hacg tbg jgst imdgh {bgzgjp WL

    aed Gekh`sb s~mzt sbmwhd jg ajhg tm sw~~mzt o`zst chass atbhgtgs `etm iafmz cmi~gt`t`mes%

    4;% Aotgz cmes`dgzajhg dgjatg aed hmjjp`ek tbg kmvgzeiget dgc`dgd tbat S~mzt Gekhaed

    {mwhd cmet`ewg `ts zmhg as mvgzahh d`stz`jwt`ek jmdp omz ca~`tah kzaets omz s~mzt aed omz

    zgvgewg kzaets% S~mzt Gekhaed bad a [mzhd Chass Owed aed a Cmiiwe`tp Owed(

    gacb bad a zgvgewg aed ca~`tah sgct`me%

    42% Mecg tb`s dgc`s`me {as iadg S~mzt Gekhaed eggdgd tm dgvghm~ sw`tajhg spstgis aed ae

    a~~zm~z`atg igtbmdmhmkp omz `evgstiget `etm gh`tg s~mzt aed gh`tg atbhgtgs% A ~zmfgct tgai

    hgd jp Zmp Bgadgp {as czgatgd% Iz Faigs Azemhd {as sgcmedgd ozmi tbg Eat`meah

    # #!^

    Gv`dgecg ~zmv`dgd tm ig jpIz Caz~getgz aed Iz Casgp%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    27/261

    *B

    Awd`t Moo`cg aed bg {mzlgd jgt{gge hatg 100? wet`h 1002 { tb tbg S~mzt Gekhaed tgai%

    Iz Casgp aed Iz Caz~getgz tmhd ig tbat tb`s {mzl zgswhtgd `e tbg ~wjh`cat`me jp S~mzt

    Gekhaed mo `ts ~mh`c`gs aed ~zmcgssgs omz hmttgzp d`stz`jwt`me omz zgvgewg kzaets lem{e as

    tbg [mzhd Chass ^gzomziaecg ^zmkzaiig% Sgt jp Emvgijgz 100? tb`s ~zmkzaiig

    gecmi~assgd `e`t`ahhp {mzhd chass ~gzomziaecg aed tbge ~zmkzgss`vghp dgvghm~gd {`tb

    ~mtget`ah "`%g% atbhgtgs ahzgadp gstajh`sbgd {bm bad tbg ~mtget`ah tm dgvghm~ `etm {mzhd

    chass atbhgtgs)( aed stazt "`%g% atbhgtgs {bm {gzg cmes`dgzgd ozmi a vgzp pmwek akg tm jg

    {mztbp mo gecmwzakgiget17%

    40% Iwcb as omz tbg ca~ tah kzaet spstgis sm omz zgvgewg kzaets( S~mzt Gekhaed {as

    sczwt`e`sgd jp tbg Eat`meah Awd`t Moo`cg tm sgg tbat `t {as ca~ajhg mo dgah`ek {`tb

    zgvgewg kzaets% @e dwg cmwzsg S~mzt Gekhaed {as cmes`dgzgd sat`soactmzp aed tbg DCIS

    tmml `ts ~azt `e geswz`ek tbat S~mzt Gekhaed bad acb`gvgd tbg zgqw`s`tg i`e`iwi

    staedazds omz d`stz`jwt`me as a zgvgewg kzaetmz%

    7>% @t {as ae gssget ah ~azt mo tbg ~zmcgss jp {b`cb S~mzt Gekhaed {as tm ialg zgvgewg

    kzaets tbat tbg kmvgze`ek jmdp mo aep s~mzt {b`cb {as tm jg tbg zgc`~`get mo aep kzaet

    {as o`t omz ~wz~msg% Tb`s ~bzasg {b`cb a~~gazs `e iwcb mo tbg dmcwigetat`me aed {as

    wsgd jp {`tegssgs {bmi @ `etgzv`g{gd `s emt a dgo`egd tgzi( ahtbmwkb `t dmgs a~~gaz `e

    o`eaec`ah d`zgct`mes `e zghat`me tm S~mzt Gekhaed {mzl {`tb ~aztegzs omz grai~hg6 `t `s a

    sbmzt baed {ap mo dgscz`j`ek tbg cmiime sgesg zgqw`zgiget tbat aep EKJ {b`cb sggls

    ~wjh`c owed`ek iwst cmi~hp {`tb ~zm~gz staedazds mo kmmd kmvgzeaecg< omz grai~hg tbat

    # #!B

    Tbg dmcwigets azg emt get`zghp chgaz as tm {bgtbgz tbg stazt ~zmkzaiig {as czgatgd {`tb a v`g{ tm {mzhd chass

    ~gzomziaecg `e tbg hmekgz tgzi mz {as tm ahhm{ pmwek ~gm~hg mo ahh aj`h`t gs tm ~azt`c`~atg `e s~mzt)% Tbgzg {as ahsm

    [mzhd Chass Gvgets sgt w~ `e Iazcb 100;

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    28/261

    *T

    `t bas ae a~~zm~z`atghp stzwctwzgd jmazd( sw`tajhg kmvgzeaecg azzaekgigets omz tbg s~mzt(

    aed a stzwctwzg {b`cb igaes tbat `t cae zgs~mes`jhp baedhg aed accmwet omz ~wjh`c imegp%

    Awd`ts mo Kmvgze`ek Jmd`gs

    71% Tm ass`st S~mzt Gekhaed `e tbg ~zmcgss mo gstajh`sb`ek {bgtbgz mz emt Eat`meah Kmvgze`ek

    Jmd`gs "EKJs) {gzg o t omz ~wz~msg( S~mzt Gekhaed ~wt mwt omz tgedgz a cmetzact tm

    wedgztalg awd`ts mo ahh ~mtget`ah zgc`~`get mzkae`sat`mes tbg kmvgze`ek jmd`gs mo s~mzt

    sm as tm ass`st tbg`z cmi~gtgecg aed o tegss omz ~wz~msg tm zgcg`vg ~wjh`c imegp% Jalgz

    T`hhp {me tbg tgedgz aed wedgztmml a ewijgz mo awd`ts mo eat meah kmvgze ek jmd`gs

    jgt{gge 100; aed :>>>% Tbg cmetzact {as tbge a{azdgd tm H`tthgfmbe Ozagz-ABH

    H`i`tgd `e :>>1 wet`h :>>4% S~mzt Gekhaed d`d emt cmet`ewg {`tb awd`ts mo EKJs `e tbg

    ~gz`md :>>4 tm :>>; {b`cb( k`vge tbg statg mo smig EKJs {as ae mi`ss`me% [bge eg{

    iaeakgiget {as a~~m`etgd `e :>>; tbg spstgi mo EKJ awd`ts {as zgv`vgd%

    7:% Tbgzg {gzg zgkwhaz zg~mzts ~zmv`dgd tm S~mzt Gekhaed ozmi Jalgz T hhp aed tbge

    H`tthgfmbe Ozagz-ABH as tm tbg o`tegss omz ~wz~msg mo ~azt`cwhaz eat`meah kmvgze`ek

    jmd`gs% Ahtbmwkb Iz Casgp aed Iz Caz~getgz tmhd ig tbat tbgsg zg~mzts {get tm tbg Awd`t

    Cmii`ttgg @ dm emt tb`el tbat `s cmzzgct as @ bavg emt omwed aep {`tb Awd`t Cmii ttgg

    ~a~gzs% Tbg zg~mzts cgzta`ehp {get tm Iz Cb`vgzs% As oaz as @ cae tghh tbg Hmttgzp ^aegh

    "mz tbg zghgvaet sped`catg) {mwhd jg `eomzigd jp Iaeakgiget Awd`t tbat a ~azt`cwhaz

    EKJ bad jgge omwed emt tm jg o`t omz ~wz~msg jwt eg`tbgz tbg ^aegh( Sped`catg( mz tbg

    Awd`t Cmii`ttgg zgcg`vgd tbg actwah awd`t zg~mzts%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    29/261

    *Z

    Tbg Spstgi mo Owed`ek Eat`meah Kmvgze`ek Jmd`gs "EKJs)

    73% S~mzt Gekhaed dgvghm~gd a spstgi {bgzgjp kmvgze`ek jmd`gs cmwhd swji`t a~~h cat`mes

    omz kzaets% Gacb EKJ {b`cb smwkbt a kzaet bad tm swji`t a omziah a~~h`cat`me aed

    sw~~mzt`ek gv`dgecg `e tbg omzi mo a [mzhd Chass ^hae {b`cb {as tm jg cmes`dgzgd jp

    tbg Hmttgzp ^aegh aed tbg [mzhd Chass Sped`catg "omz [mzhd Chass owed`ek

    a~~h`cat mes)% S~mzt Gekhaed bad a ~aegh mo gr~gzts {bm {gzg ajhg tm adv`sg tbg

    Cmwec`h me ~gzomziaecg ~zm~msahs omz a o`eah dgc`s`me jp tbg Hmttgzp ^aegh% Tbg Hmttgzp

    ^aeghs [mzhd Chass sped`catg {as cba`zgd omz iwcb mo tbg zghgvaet t`ig jp Iz Kaztb

    Czmmls( a Cmwec`h igijgz( aed jp Zap Caztgz aed Jz`ae Azistzmek% Tbgsg sped`catgs

    caig wedgz tbg Hmttgzp A{azd ^aegh wijzghha {b`cb {as cba`zgd jp Dgs [`hsme wet`h

    :>>1 aed tbge Jz`k`d S`iimeds wet`h :>>:% \Sgg ahsm Cba~tgz 4Y Tbg Hmttgzp ^aegh {as

    d`sjaedgd `e :>>: aed zg~hacgd {`tb tbg Eat`meah @evgstigets ^aegh%

    74% Gacb a~~h cat`me {as dgvghm~gd `e cmefwect me {`tb ae adv`smz ozmi S~mzt Gekhaed%

    Mecg ae a~~h`cat`me bad jgge dgvghm~gd ~ggz zgv`g{ {as wedgztalge jp ae adv`smz

    d`st`ect ozmi tbg adv`smz mz zghat`mesb`~ iaeakgz {bm bad {mzlgd {`tb tbg s~mzt `e

    qwgst`me ~z`mz tm o`eah swji`ss`mes tm tbg Hmttgzp ^aegh "mz @evgstiget ^aegh aotgz :>>:)%

    77% A~~h cat mes gssget ahhp bad t{m ghgigets6

    77%1 Tbg ~zmkzaiig tb`s `echwdgd tbg s~mzts stzwctwzgs% Tbg stzwctwzg mo tbg s~mzt

    `e qwgst`me sm as tm iaeakg act`v`t`gs( adi`e`stgz tbg ~zmkzaiig aed cmacb

    atbhgtgs% Tbg zwhg {as tbat mehp d`zgct cmsts {`tb i`emz vaz`at`mes {mwhd jg

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    30/261

    *_

    owedgd% Gh`k`jhg gr~ged`twzg tbgzgomzg `echwdgd act`v`t`gs swcb as tbg zgczw`tiget

    aed gi~hmpiget mo a ~gzomziaecg d`zgctmz( s~mzts sc`gecg aed igd`cah ~gzsmeegh(

    {mzhd chass cmacbgs( tbgp mjta`egd tbg b`z`ek mo tza`e`ek vgewgs at bmig aed

    ajzmad( tbg cmst mo attgedaecg at cmi~gt`t`mes aed eme~gzsmeah s~mzts gqw`~iget%

    @egh`k`jhg ~gzomziaecg ~hae cmsts cmi~z`sgd `tgis swcb as gi~hmpiget mo a Cb`go

    Grgcwt`vg( adi`e-iaeakgiget cmsts mo tbg EKJ( iazlgt`ek aed ~zmimt`me

    `e`t`at vgs gtc% Tbgsg azg dggigd emt tm jg d`zgct cmsts tm tbg [mzhd Chass

    ~gzomziaecg ~hae% Owed`ek i`kbt bavg jgge ava`hajhg omz smig mo tbgsg act`v`t`gs

    tbzmwkb Grcbgqwgz owed`ek% Ahsm a s~mzt cmwhd a~~hp omz ae `etgz`i ~gzomziaecg

    ~hae a{azd% Ae @etgz`i [mzhd Chass ~gzomziaecg a~~h`cat`me aed ~gzomziaecg

    ~hae cmwhd jg swji`ttgd tm kgt a s~mzts ~zmkzaiig staztgd% A{azds {gzg

    ava`hajhg me swcb a~~h`cat`mes omz a iar`iwi mo meg pgaz tm ahhm{ tbg s~mzt t`ig

    tm ~zg~azg tbg`z dgta`hgd hmek tgzi ~hae% Tb`s geswzgd tbat `ed`v`dwahs gh`k`jhg omz

    swjs`stgecg a{azds {gzg emt d`sadvaetakgd `e tbg sbmzt tgzi% Zgcg`~t mo ae

    `etgz`i a{azd {as emt a cmii`tiget me jgbaho mo S~mzt Gekhaed tm owed a hmekgz

    tgzi ~gzomziaecg ~hae%

    77%: Tbg atbhgtgs tbgisghvgs mz swjs`stgecg a{azds "ae atbhgtg ~gzsmeah a{azd

    A^A)% Tbg EKJ `e qwgst`me {mwhd emi`eatg {`tb`e `ts ~hae {b`cb atbhgtgs tbgp

    {`sbgd tm jg cmes`dgzgd omz owed`ek% Emziahhp tbg ~gzomziaecg d`zgctmz mo ae

    `ed`v`dwah EKJ {mwhd sgt i`e`iwi cz`tgz`a omz getzp aka`est {mzhd chass

    ~gzomziaecg hgvghs dgimestzat`ek bm{ a ~azt`cwhaz atbhgtg {as gr~gctgd tm

    `i~zmvg aed tm {bat hgvgh at iafmz gvgets% As [mzhd Chass ^mtget`ah aed Stazt

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    31/261

    *K

    {gzg dgvghm~gd sm imst EKJs ahsm dgvghm~gd a kzad`ek spstgi omz getzp%

    Emi`eatgd atbhgtgs {gzg tbge zgs~mes`jhg omz swji`tt`ek ae a~~h`cat`me tm S~mzt

    Gekhaed omz a ~gzsmeah a{azd% Gacb ~gzsmeah a{azd {as s~h`t `etm t{m ghgigets6

    jas`c h`v`ek cmsts "mehp omz Gh`tg aed `etgzeat`meah)( aed s~mzt`ek cmsts "^gzsmeah

    s~mzts gqw`~iget-~gzsmeah s~mzts tza`e`ek)% Mtbgz s~mzt`ek cmsts swcb as cmacb`ek(

    s~mzts igd`c`eg sbmwhd jg cmvgzgd `e tbg ia`e ^gzomziaecg ~hae% Tbg h`v`ek cmsts

    ghgiget {as igaes tgstgd aka`est tbg mvgzahh `ecmig mo ae `ed`v`dwah atbhgtg aed

    `echwdgd ~z`g imegp( aep ~gzsmeah s~mesmzsb`~( mz mtbgz `ecmig( aed ahsm

    h`ogstphg jaed g%k% sge`mz( stwdget gtc Kzaets {gzg ~a`d d`zgcthp jp S~mzt Gekhaed

    tm atbhgtgs me a imetbhp jas`s wedgz sw~gzv`s`me mo tbg zghgvaet EKJ% Atbhgtgs

    {gzg zgs~mes`jhg omz geswz`ek tbat tbgp lg~t a~~zm~z`atg zgcg`~ts aed accmwets omz

    ahh gr~ged`twzg aed {gzg tbgisghvgs swjfgct tm awd`t cmetzmh `e tbg omzi mo

    sai~h`ek% Tbg owed`ek mo atbhgtgs swjs`stgecg {as ae `i~mztaet dgvghm~iget% @t

    zgh`vgd atbhgtgs mo smig mo tbg ~zgsswzgs mo ial`ek geds iggt {bge( at gh`tg hgvgh(

    tbgp eggd tm cmii`t tm `etges`vg tza`e`ek ~zmkzaiigs%

    Kmvgze`ek Jmd`gs {bm {gzg emt o`t omz ~wz~msg

    7?% Smig EKJs {gzg omwed wesat soactmzp `e tbg z kmvgzeaecg aed accmwet ek azzaekgigets

    aed tbgzgomzg emt o t omz ~wz~msg% Jalgz T`hhp mz ABH i`kbt me ae awd`t mo a Eat`meah

    Kmvgze`ek Jmdp zg~mzt tbat tbg EKJ oa`hgd `e cgzta`e ~azt`cwhazs tm jg o`t omz ~wz~msg%

    Iaeakgiget Awd`t i`kbt ahsm zgacb tbat cmechws`me% Me tbg gv`dgecg {b`cb @ bavg

    zgcg`vgd `t `s a~~azget tm ig tbat tbgzg {as a kmmd dgah mo jaclkzmwed hmjjp`ek jp

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    32/261

    @J

    cgzta`e s~mzts( `echwd`ek tbmsg {bm {gzg emt o`t omz ~wz~msg jwt {bm egvgztbghgss

    {`sbgd tm zgcg`vg kzaets ozmi tbg Hmttgzp%

    7;% Tbgzg {gzg ewigzmws zgs~gcts `e {b`cb cgzta`e kmvgze`ek jmd`gs {gzg emt o t omz ~wz~msg%

    Omz grai~hg tbgp iap emt bavg bad accmwet`ek ~zmcgdwzgs mz gvge a~~zm~z`atg

    azzaekgigets {`tb tbg`z jaels tm zgcg`vg aed iaeakg tbg hgvgh mo owed`ek {b`cb i`kbt jg

    mjta`egd ozmi S~mzt Gekhaed% Tbg`z cmii`ttggs mz kmvgze`ek jmd`gs i`kbt emt jg

    sw`tajhp cmest`twtgd sm as tm jg ajhg tm zgcg`vg ~wjh`c oweds% Tbgp i`kbt hacl adgqwatg

    o`eaec`ah cmetzmhs "swcb as a~~gaz tm jg tbg casg cgzta`ehp omz Jmr`ek( Bmclgp( Lazatg aed

    Sqwasb at vaz`mws t igs sgg jghm{)% Tbgp i`kbt s`i~hp bavg jgge tmm siahh tm bavg

    bad `e ~hacg aep mo tbg a~~zm~z atg igcbae`sis omz tbg zgs~mes`jhg baedh`ek mo ~wjh c

    oweds%

    72% @t {as emt `evaz`ajhp tbg casg tbat a s~mzt {b`cb {as dggigd emt o t omz ~wz~msg {as

    egcgssaz`hp `zzgs~mes`jhg mz i`kbt jg `zzgs~mes`jhg {`tb zgkazd tm baedh`ek mo ~wjh`c

    ime`gs% Smig s~mzts aed `e ~azt`cwhaz siahh s~mzts omz d`sajhgd atbhgtgs i`kbt s`i~hp

    bavg jgge tmm siahh mz bavg bad tmm og{ atbhgtgs tm bavg bad `e ~hacg tbg `eozastzwctwzg

    {b`cb {as zgqw`zgd omz tbg zgs~mes`jhg baedh`ek mo ~wjh`c ime`gs%

    70% @t {as mwt mo tbgsg cmecgzes tbat tbg `dga dgvghm~gd omz tbg czgat`me mo tbg [mzhd Chass

    ^apigets Jwzgaw% At d`oogzget t`igs tbg [mzhd Chass ^apigets Jwzgaw {as k`vge

    d`oogzget eaigs% Omz tbg zgst mo tb`s Zg~mzt @ sbahh zgogz tm `t as tbg [mzhd Chass ^apigets

    Jwzgaw aed jp tbg `e`t`ahs [C^J% @e tbg`z {z`ttge swji`ss`mes tm ig Iz Caz~getgz aed

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    33/261

    @!

    Iz Casgp bavg sa`d tbat tbg [mzhd Chass ^apigets Jwzgaw {as gstajh`sbgd ~wzghp as a

    ~apiget igcbae`si aed emt as a sg~azatg dgc`s`me ial`ek owect`me {`tb`e S~mzt

    Gekhaed% Tb`s `s `edggd bm{ cgzta`e igijgzs mo staoo sa{ tbg [C^J6 tbg ~zmjhgi { tb

    a ~wzg ~apiget owect`me `s tbat `t z slgd czgat`ek a cwhtwzg {bgzg `evm`cgs aed ~apiget

    zgqwgsts {gzg emt swoo`c`gethp sczwt`e`sgd jgomzg ~apiget {as iadg%

    ?>% @ bavg cmes`dgzgd t egcgssazp tm grai`eg `e dgta h ~zgc`sghp bm{ tbg [C^J {as

    gstajh`sbgd aed @ bavg cmes`dgzgd {bgtbgz `e zgah`tp tbg [mzhd Chass ^apigets Jwzgaw

    {as emt fwst a ~apiget owect`me jwt omzigd ~azt mo tbg iaeakgiget owect`me {`tb`e S~mzt

    Gekhaed%

    Bm{ tbg [mzhd Chass ^apigets Jwzgaw {as gstajh`sbgd

    ?1% @ bavg zgcg`vgd d`oogz`ek accmwets mo bm{ tbg [mzhd Chass ^apigets Jwzgaw {as

    gstajh sbgd ozmi igijgzs mo tbg omzigz iaeakgiget tgai mo S~mzt Gekhaed% Bm{gvgz(

    as a zgswht mo ~`gc`ek tmkgtbgz gv`dgecg ozmi {`tegssgs aed ozmi cmetgi~mzaegmws

    dmcwigets @ bavg zgacbgd tbg cmechws`me tbat tbg [mzhd Chass ^apigets Jwzgaw {as

    gstajh`sbgd `e tbg omhhm{`ek {ap%

    ?:% [bge Iz Casgp {as Cb`go Grgcwt`vg mo S~mzt Gekhaed bg bad a Stzatgk`c Iaeakgiget

    Kzmw~ {b`cb igt omzte`kbthp aed dgaht {`tb tbg zmwt`eg iaeakgiget mo S~mzt Gekhaed

    jws`egss% Azga d zgctmzs jghmekgd tm tbg Stzatgk`c Iaeakgiget Kzmw~( aed tbg kzmw~s

    jws`egss {as i`ewtgd at `ts omzte`kbthp iggt`eks( gacb iggt`ek jg`ek zwe {`tb ae akgeda

    jgomzgbaed%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    34/261

    @*

    ?3% @e 100? `t {as dgc`dgd jp Iz Casgp aed mtbgzs tbat a owztbgz cmii`ttgg sbmwhd jg

    gstajh`sbgd lem{e as tbg Accmwetaj`h`tp Cmii`ttgg% Tb`s cmii`ttgg {as omziahhp

    gstajh`sbgd at a iggt`ek mo tbg Stzatgk`c Iaeakgiget Kzmw~ me :7 Fweg 100?( tbg Tgzis

    mo Zgogzgecg {gzg hatgz aigedgd aed jmtb sgts azg cmeta`egd `e Aeegr 3%

    ?4% @ bavg cmecgzes ajmwt tbg gstajh`sbiget mo tbg Accmwetaj`h tp Cmii`ttgg% Tbg

    Accmwetaj`h`tp Cmii`ttgg {as dgscz`jgd tm ig jp smig {`tegssgs as a swjcmii`ttgg mo

    tbg Awd`t Cmii`ttgg aed Iz Casgp dgscz`jgd `t as a cmii`ttgg {b`cb {mwhd geswzg tbat

    `ed`v`dwah sge`mz moo`cgzs {mwhd ah{aps bavg a i`ed tm jws`egss aed awd`t z`sl aed tbg

    eggd ~zm~gzhp tm zg~mzt aed iaeakg z`sl% Bm{gvgz( tbg Tgzis mo Zgogzgecg omz tbg

    Accmwetaj`h`tp Cmii`ttgg `ed`catg tbat `t {as zg~mzt`ek tm tbg Stzatgk`c Iaeakgiget

    Kzmw~ aed `e googct tbg Cb`go Grgcwt`vg% Ozmi t`ig tm t`ig tbgzg {gzg zg~mzts aed tbg

    emt`ek mo Tgzis mo Zgogzgecg mo tbg Accmwetaj`h`tp Cmii`ttgg ahsm tm tbg Awd`t

    Cmii`ttgg% Jwt @ bavg cmechwdgd tbat tbg Accmwetaj`h`tp Cmii`ttgg d`d emt cmes`dgz

    `tsgho tm jg zg~mzt ek d`zgcthp tm tbg Awd`t Cmii`ttgg emz egcgssaz hp d zgcthp tm tbg

    Stzatgk`c Iaeakgiget Kzmw~% Owztbgz( `t a~~gazs tbat tbg Accmwetaj`h`tp Cmii`ttgg

    {as wsgd tm gedmzsg( jp {ap mo a emtg( a dgc`s`me iadg jp iaeakgiget( `%g% %tbg

    dgc`s`me tm sgt w~ tbg [mzhd Chass ^apigets Jwzgaw%

    ?7% At a iggt ek mo tbg Accmwetaj h tp Cmii ttgg `e Mctmjgz 1000 `t {as emtgd tbat tbg

    [mzhd Chass ^apigets Jwzgaw bad jgge gstajh`sbgd% A ~mmzhp dzaotgd ~a~gz {as

    ~zmv`dgd tm tbg iggt`ek% Tbg ~a~gz `s sm ~mmzhp dzaotgd tbat Iz Casgp d`d emt jgh`gvg `t

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    35/261

    @@

    zg~zgsgetgd tbg tzwg ~a~gz tbat {as ~zgsgetgd tm tbg Accmwetaj`h`tp Cmii`ttgg% Iz

    Caz~getgz sa`d h`lg{`sg {bge @ `etgzv`g{gd b`i% Bm{gvgz( tbg akgeda mo tbg zghgvaet

    Accmwetaj`h`tp Cmii`ttgg dgimestzatgs tbat tb`s ~mmzhp dzaotgd ~a~gz {as `edggd tbg

    mehp omziwhatgd jas`s omz tbg omwedat`me omz tbg gstajh`sbiget mo tbg [mzhd Chass

    ^apigets Jwzgaw%

    ??% @ aeegr as Aeegr 4 a cm~p mo tbg zghgvaet ~a~gz% Ozmi tb`s `t cae jg sgge tbat tbg [mzhd

    Chass ^apigets Jwzgaw {as `etgedgd tm bavg a dgvghm~`ek iaeakgiget sw~~mzt owect`me

    {`tb zgkazd tm tbg s~mzt {b`cb `t {as km`ek tm ass`st tbzmwkb tbg Jwzgaw% Tb`s `s d`oogzget

    ozmi {bat @ {as k`vge tm wedgzstaed jp Iz Casgp aed Iz Caz~getgz {bge tbgp ~zmv`dgd

    tbg`z swji`ss`mes tm ig( aed iap gr~ha`e tbg`z cmecgze ajmwt tbg cmetgets mo tbg ~a~gz%

    [bat `s imzg s`ke`o`caet `s tbat tbg gstajh`sbiget mo tbg [mzhd Chass ^apigets Jwzgaw

    {as emt wedgztalge jp tbg Cmwec`h `tsgho "lem{e as tbg Jmazd) at a iggt`ek tm {b`cb

    {as ~zgsgetgd a ~zm~gzhp zgasmegd ~a~gz sw~~mztgd jp tbg a~~zm~z`atg igijgzs mo

    iaeakgiget% @estgad( tbg [mzhd Chass ^apigets Jwzgaw {as gstajh`sbgd jp grgcwt`vgs

    v`a a emt`ek tm a swjcmii`ttgg mo tbg Stzatgk`c Iaeakgiget Kzmw~( eaighp tbg

    Accmwetaj`h`tp Cmii`ttgg( {b`cb d`d emt cmes`dgz `tsgho tm jg zg~mzt`ek d`zgcthp tm tbg

    Jmazd% @e mtbgz {mzds( tbg [mzhd Chass ^apigets Jwzgaw kzg{ mwt mo ae `ea~~zm~z`atg

    ~zmcgss mo dgc`s`me ial`ek%

    ?;% Sm oaz as tbg Jmazd {as cmecgzegd tbg mehp zgogzgecg {b`cb `t bas jgge ~mss`jhg omz ip

    `eqw`zp tm o`ed {b`cb zgogzs tm tbg gstajh`sbiget mo tbg Jwzgaw `s s`i~hp tm a zgogzgecg `e

    a dmcwiget a~~gedgd tm Jmazd i`ewtgs \Aeegr 7Y {b`cb zgogzs tm tbg gstajh`sbiget mo a

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    36/261

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    37/261

    @B

    ?0% @t iap {ghh jg tbat tbgsg wewswah jgk`ee`eks omz tbg [mzhd Chass ^apigets Jwzgaw

    mccwzzgd jgcawsg `t {as cmes`dgzgd jp Iz Casgp aed Iz Caz~getgz tbat tbg [mzhd Chass

    ^apigets Jwzgaw {mwhd igzghp jg a igcbae`si omz tbg ~zmcgss`ek mo ~apigets {bge tbg

    Hmttgzp ^aegh awtbmz`sgd tbg kzaet tm a ~azt`cwhaz Eat`meah Kmvgze`ek Jmdp {b`cb {as

    emt o`t omz ~wz~msg( `e c`zcwistaecgs {bgzg tbgzg {mwhd jg em grgcwt`vg dgc`s`me ial`ek

    jp tbg [mzhd Chass ^apigets Jwzgaw `tsgho% @o tb`s {as tbg`z tb`el`ek `t swoogzs ozmi tbg

    oact tbat a ~wzg ~apiget owect`me {mwhd bavg czgatgd a z`sl tbat tbgzg {mwhd bavg jgge

    `eswoo`c`get sczwt`ep mo ~apiget zgqwgsts% Tbg zgah`tp twzegd mwt tm jg smig{bat d`oogzget

    as tbg pgazs {get jp% @t `s chgaz tm ig tbat tbg [mzhd Chass ^apigets Jwzgaw {as

    grgzc`s`ek a omzi mo iaeakgiget owect`me {`tb zgkazd tm tbg Eat`meah Kmvgze`ek Jmdp

    {b`cb tbg [mzhd Chass ^apigets Jwzgaw {as sw~~mzt`ek( aed tbat tbmsg {bm {gzg

    zgs~mes jhg omz tbg iaeakgiget mo tbg Jwzgaw {gzg tbgisghvgs me mccas`mes ial`ek

    grgcwt`vg dgc`s`mes swcb as tm ~wt a d`zgctmz `etm a s~mzt `e c`zcwistaecgs {b`cb {gzg( `e

    ~zm~gz kmvgzeaecg tgzis( `ea~~zm~z`atg% Tbg `zmep mo tbg s`twat`me {as tbat gacb mo tbg

    s~mzts `e qwgst me d`d `edggd zgqw zg `etges`vg cazg% Me tbg meg baed tbg Hmttgzp ^aegh

    cmes`dgzgd tbg Jwzgaw {mwhd iaeakg oweds saoghp jwt me tbg mtbgz tbg [C^J {as sgge

    as a ~apiget owect`me% Tbg googct mo tb`s hacl mo z`kmwz `e tbg a~~zmacb tm ~zmjhgiat`c

    EKJs {as tbat smig( swcb as Bmclgp( Jmr`ek( Lazatg aed Sqwasb cmet`ewgd tm jg

    owedgd {`tb ~wjh`c imegp omz hmek ~gz`mds {`tbmwt tbg`z kmvgzeaecg azzaekgigets jg`ek

    cmes`dgzgd o`t omz ~wz~msg aed ahsm {`tbmwt swoo`c`get stg~s jg`ek talge tm ialg tbgi sm%

    Iz Emhae L`ek kavg cmi~ghh`ek gv`dgecg tbat bg {as tmhd emt tm qwgst`me tbg `evm`cgs%

    _`ctmz`a ^acg {bm dgaht {`tb Lazatg `e tbg hattgz stakgs kavg s`i haz gv`dgecg% Gacb

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    38/261

    @T

    `ed`catgd tbat tbg em qwgst`me att`twdg caig ozmi imzg sge`mz iaeakgiget ahtbmwkb

    tbgp d`d emt `dget`op {bm `e ~azt`cwhaz%

    ;>% Ozmi tbg imdgst jgk`ee`eks {b`cb @ bavg dgscz`jgd ajmvg( tbg [mzhd Chass ^apigets

    Jwzgaw caig tm jg iaeakgd jp tbg Bgad mo @etgzeah Awd`t( Iz Jazzp Cb`vgzs% Iz

    Cb`vgzs( as Bgad mo @etgzeah Awd t( sbmwhd emt bavg jgge k`vge aep grgcwt`vg

    zgs~mes`j`h`tp omz tbg iaeakgiget mo tbg [mzhd Chass ^apigets Jwzgaw% Tbg tb`el`ek

    {b`cb hgd tm b`i jg`ek k`vge tb`s grgcwt`vg zgs~mes`j`h`tp a~~gazs tm bavg jgge tbat

    iaeakgiget awd`t {mwhd jg cmecgzegd tm geswzg tbat mehp ~zm~gz ~apigets {gzg iadg tm

    kmvgze`ek jmd`gs {b`cb {gzg emt cmes`dgzgd o`t omz ~wz~msg% @ {as ahsm tmhd jp Iz

    Cb`vgzs tbat bg {as k`vge tb`s zgs~mes`j`h`tp jgcawsg sge`mz iaeakgiget d`d emt bavg

    swoo`c`get cmeo`dgecg `e iaeakgiget `e mtbgz ~azts mo tbg jws`egss tm jg k`vge tbg

    zgs~mes`j`h`tp% Bm{gvgz( tbg czgat`me mo a ~apiget owect`me omz {b`cb tbg `etgzeah awd`t

    dg~aztiget {as zgs~mes`jhg sgzvgd tm czgatg imzg kmvgzeaecg ~zmjhgis emt hgss% @

    d`sakzgg {`tb tbg tb`el`ek {b`cb hgd tm Iz Cb`vgzs as Bgad mo @etgzeah mz Iaeakgiget

    Awd`t jg`ek k`vge tb`s grgcwt`vg owect`me%

    ;1% @t {as tbgzgomzg `ea~~zm~z`atg omz tbg Bgad mo @etgzeah mz Iaeakgiget Awd`t "Iz

    Cb`vgzs) tm jg k`vge tbg grgcwt`vg zgs~mes`j`h`tp omz tbg iaeakgiget mo tbg [mzhd Chass

    ^apigets Jwzgaw6 Iz Cb`vgzs akzggd {bge @ `etgzv`g{gd b`i( ahtbmwkb bg ~m`etgd mwt

    tbat sge`mz iaeakgiget bad k`vge b`i ae `eczgas`ekhp tzmwjhg sbmmt`ek zmhg {b`cb

    {get jgpmed @etgzeah mz Iaeakgiget Awd`t% Tbg zgasmes {bp @etgzeah mz Iaeakgiget

    Awd`t sbmwhd emt bavg a jws`egss iaeakgiget owect`me azg mjv`mws( eaighp6

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    39/261

    @Z

    ;1%1 @etgzeah Awd`t sbmwhd egvgz cmedwct grgcwt`vg jws`egss owect mes6 tbgzg `s a

    cmeoh`ct mo `etgzgst>2) `e

    tbg Mhpi~`c Kaigs Igdah Tajhg( `e tbg ^azahpi~`c Kaigs ozmi 4tb tm :ed% @ bavg jgge

    ~zmv`dgd {`tb a cbazt {b`cb cmevge`gethp swiiaz`sgs tbg `i~zmvgigets

    Mhpi~`c Kaigs

    Kaigs Kmhd S`hvgz Jzmeg Tmtah ^ms`t`me

    Athaeta 100? 1 2 ? 17 3?tb

    Spdegp :>>> 11 1> ; :2 1>tb

    Atbges :>>4 0 0 1: 3> 1>tb

    Jg`f`ek :>>2 10 13 17 4; 4tb

    ^azahpi~`c Kaigs

    Kaigs Kmhd S`hvgz Jzmeg Tmtah ^ms`t`me

    Athaeta 100? 30 4: 41 1:: 4tb

    Spdegp :>>> 41 43 4; 131 :ed

    Atbges :>>4 37 3> :0 04 :ed

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    43/261

    ^!

    Jg`f`ek :>>2 4: :0 31 1>: :ed

    ;;% Tbg azkwiget {b`cb Iz Caz~getgz aed Iz Casgp advaecg `s tbat S~mzt Gekhaed bas jgge

    d`zgcthp zgs~mes jhg omz tbg `i~zmvgiget mo gh`tg atbhgtgs aed `e ~azt`cwhaz `i~zmvgiget

    at tbg Mhpi~`c Kaigs( ^azahpi~`cs Kaigs( Cmiime{gahtb Kaigs aed( @ {mwhd add(

    [mzhd Cbai~`mesb`~s% Bm{gvgz( as @ ~m`et mwt `e tb`s zg~mzt tbg owed`ek mo gh`tg atbhgtgs

    {as tzaesogzzgd tm WL S~mzt aed bad jgge owhhp tzaesogzzgd tm tbgi jp :>>?% WL S~mzt `s

    `tsgho get`thgd tm talg czgd`t omz `ts ~azt `e {bat bas jgge a vast `i~zmvgiget jp Kzgat

    Jz`ta`e atbhgtgs( `e ~azt`cwhaz at tbg Jg`f ek Mhpi~`cs `e :>>2%

    ;2% @t iap ahsm jg tzwg tbat owed`ek mo s~mzts {b`cb bavg b`kb qwah tp( {mzhd chass( eat`meah

    kmvgze`ek jmd`gs hgd tm imzg igdahs tbzmwkb gecmwzakgiget mo eg{ getzaets `etm

    stzgektbge`ek tgais% Omz grai~hg( sa`h`ek bas jgge a s~mzt {b`cb bas kzm{e `e stzgektb

    aed at {b`cb Kzgat Jz ta`e bas grcghhgd at tbg Mhpi~`c Kaigs( aed `s vgzp {ghh zwe%

    Zm{`ek bas jgge a s~mzt {bgzg tbgzg bas jgge s`ke`o`caet acb`gvgiget {`tb Kzgat Jz`ta`e

    ~zmdwc`ek meg mo tbg kzgatgst Mhpi~`aes gvgz tbzmwkb S`z Stg~bge Zgdkzavg( aed

    `evgstiget jp S~mzt Gekhaed `etm tbg s~mzt% Cpch`ek kmt moo tm a d`oo`cwht stazt {`tb `ts

    accmwet`ek omz tbg _ghmdzmig( jwt S~mzt Gekhaed ass`stgd {`tb tb`s aed tbg s~mzt bas

    wedmwjtgdhp acb`gvgd cmes`stget {mzhd chass statws `e ~azt dwg tm tbg `evgstiget jp S~mzt

    Gekhaed aed WL S~mzt `etm tbg s~mzt( aed kmmd qwah`tp iaeakgiget mo `ts EKJ aotgz ae

    wecgzta`e ~gz`md {bge tbg Iaecbgstgz _ghmdzmig {as jg`ek jw`ht% Tb`s bas jgge tbg

    zgswht mo a cmij`eat`me mo tbg jw`hd ek mo tbg Iaecbgstgz _ghmdzmig {b`cb bad S~mzt

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    44/261

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    45/261

    ^@

    swoo`c`gethp accwzatg tm dgimestzatg {bat bas ba~~gegd tm tbg oweds {b`cb ~assgd

    tbzmwkb tbg [mzhd Chass ^apigets Jwzgaw%

    [MZHD CHASS ^APIGETS JWZGAW

    SWIIAZP O@EAEC@AH STATGIGET

    Accmwet 31)Iaz)>> 31)Iaz)>1 31)Iaz)>: 31)Iaz)>3 31)Iaz)>4 31)Iaz)>7 31)Iaz)>? 31)Iaz)>; 31)Iaz)>2 31)Iaz)>0 TMTAH

    ZGCG@^TSSG)Atbhgt`cs > > > > > > 4:3(7>> )47(42: > > 3;2(>12

    SG)Jm{hs > > :71(;;7 22(21> > > > > > > 34>(727

    SG)Jmr`ek > 134(334 1(727(?1: 1(>;;(443 1(;>2(2?: ?:1(?1: > > > > 7(1:;(2?:

    SG)Bmclgp > > 37>(>?0 3(4:?(?01 :(440(??? > > > > > ?(::?(4:?

    SG)@cg Slat`ek > :1?(>>> 3?0(;4> 1>>(3>2 > > > > > > ?2?(>42

    SG)Lazatg > :?>(?01 4??(?4> :;2(?7: :::(;4: :2:(237 471(>14 :44(71: > > :(:>;(>2?

    SG)^^J zmfgct > > > > > > :>>(>>> > > > :>>(>>>

    SG)Sbmmt`ek > > 4>(>>> :2(7:2 > > > > > > ?2(7:2

    SG)Sqwasb > > 17>(>>> 1(:3;(;20 ?:;(0?7 702(>:1 > > > > :(?13(;;?

    SG)[zgsth`ek > 3?(170 1:?(>>? 40(43> > > > > > > :11(70?

    > > > > > > > > > > >

    WL)Jh`ed Kmahjahh :0(7?? 4>(;0: 1>(131 3(4?7 > > > > > > 23(077

    WL)Jmcc`a > 73(1:7 :1(?1> ?0(:4? 4;(0;0 37(3:4 > > > > ::;(:24

    WL)D`sajhgd Ogec`ek > 47(>>> 3>(7:4 :2(7:4 3;(04? ::(3:0 > > > > 1?4(3:4

    WL)^aza~hgk`c Sbmmt`ek ;>(>:4 :(>>> 40(:4: :1(>>> 7?(004 30(;0? > > > > :30(>7?WL)[g`kbth`ot`ek ?>(>?? > 74(1>: 7;(4?4 74(014 4>(277 :(>4? > > > :?0(44;

    WL)[bgghcba`z Zwkjp ?1(;30 71(11; 22(>>4 02(7:? ?;(;40 22(27> 3(1;2 > > > 470(1?3

    > > > > > > > > > > >Sws~gesg 1(4>? > > ::(0;: ;(;0> 04(01> 7(;?3 01 > );4(0:; 72(>>7

    > > > > > > > > > > >

    > > > > > > > > > > >

    > > > > > > > > > > >

    ! ZGCG@^TS :::(2>1 230(:12 3(703(47? ?(722(240 7(:2:(?>? 1(2:4(73: 1(>27(7>> 100(1:1 > );4(0:; 10(7?1(17;

    >

    ^APIGET SG)Atbhgt`cs > > ;(14; > > 1>?(;:> :?;(;1> 30(>0: > > 4:>(?;>

    SG)Jm{hs > > :1>(;22 134(42: > > > > > > 347(:;>

    SG)Jmr`ek > :?:(3>4 1(33>(;44 1(4>0(2?: 1(431(070 7?>(10> :??(>03 > > > 7(:?1(17:SG)Bmclgp > > ;(2>> :(;?>(213 3(:2>(322 > 313(?;4 > > > ?(3?:(?;7

    SG)@cg Slat`ek > 1:0(41? :3;(110 1?2(?10 > > > > > > 737(174

    SG)Lazatg > :71(1:: 43?(103 3?3(7?3 :>1(>:; :?:(102 422(;?1 ::1(4;3 > > :(::4(33;

    SG)^^J zmfgct > > > > > > :>>(>>> > > > :>>(>>>

    SG)Sbmmt`ek > > > ;7(34? > > > > > > ;7(34?

    SG)Sqwasb > > 3>4(1>? 0?7(232 ;00(;>1 7?3(:73 > > > > :(?3:(202

    SG)[zgsth`ek > :2(;71 14:(;;: ?3(7?1 > > > > > > :37(>23

    > > > > > > > > > > > >

    WL)Jh`ed Kmahjahh 31(1?; 4?(2?: 11(17; :(?01 > > > > > > 01(2;;WL)Jmcc`a ?(?>? 30(>1? 1?(>>; 44(3>0 ?:(071 3?(47? > > > > :>7(34?

    WL)D`sajhgd Ogec`ek > 44(?;2 :1(:4? :?(>?7 3:(7?1 13(2>> > > > > 132(37>

    WL)^aza~hgk`c Sbmmt`ek 12(4?; 1:(12; 4:(>:2 37(:37 32(:4> 3:(2?> > > > > 1;0(>1;

    WL)[g`kbth`ot`ek :>(77> 33(2?2 > 7:(20; 70(;33 7>(:00 3(732 > > > ::>(224

    WL)[bgghcba`z Zwkjp 72(422 7?(:4; 0?(>;? 11?(>23 03(74; ?4(7;? ?02 > > > 427(;17

    > > > > > > > > > > > >

    Sws~gesg 7? 3(204 0(;>0 > > > > 3:2 32: 20 14(472

    > > > > > > > > > > > >

    > > > > > > > > > > > >

    > > > > > > > > > > > >

    ! ^APIGETS 137(334 0>2(347 :(2;:(20> ?(:10(3?4 ?(>>>(1>2 1(?0>(37: 1(74>(4;4 :?>(203 32: 20 10(?:2(:31

    21% As cae jg dgimestzatgd ozmi tbg hgdkgz( `e tbg ~gz`md tm 31 Iazcb :>>>( :::(2>1 {get

    `etm tbg [mzhd Chass ^apigets Jwzgaw jael accmwet aed 137(334 {as ~a`d mwt% @e tbg

    omhhm{`ek pgaz tm 31 Iazcb :>>1( 230(:12 {as ~a`d `etm tbg accmwet aed 0>2(347 {as

    ~a`d mwt% Jwt `e tbg pgaz tm 31 Iazcb :>>: tbgzg {as a iass`vg `eczgasg `e tbg wsg mo tbg

    [mzhd Chass ^apigets Jwzgaw accmwet6 `e tbat pgaz 3(703(47? {as ~a`d `e aed

    :(2;:(20> {as ~a`d mwt% As @ bavg ahzgadp `ed`catgd( jp A~z`h :>>: S~mzt Gekhaed

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    46/261

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    47/261

    ^B

    Kzaets% Tbg 1%4 i`hh`me cmi~z`sgs `e swjstaet`ah ~azt ~apigets tm t{m EKJs6 tbg

    Sqwasb Zaclgts Assmc`at`me aed tbg Aiatgwz Jmr`ek Assmc`at`me% [g bavg tzacgd

    1(>4>(110%>> as km`ek tm tbg Sqwasb Zaclgts Assmc`at`me `e :>>1 gvge tbmwkb tbg JACs

    tzaesogz omzi sbm{s tbg ~apgg as tbg S~mzt Gekhaed ^apiget Jwzgaw% Mwz cbgcls mo tbg

    Hmttgzp Kzaet a{azd dmcwigets aed mwz cbgcls mo tbg ime`gs {b`cb {gzg `e oact ~a`d tm

    Sqwasb v`a tbg [C^J `ed`catg tbat tbg s~mzt mo Sqwasb d`d `edggd zgcg`vg tbgsg oweds

    wedgz tbg z Hmttgzp Kzaet( aed tbgp {mwhd bavg cmi~ha`egd o tbgp bad emt dmeg sm% Tbg

    Aiatgwz Jmr`ek Assmc`at`me d`d ahsm zgcg`vg :0?(731%>> {b`cb bad jgge i`sdgscz`jgd

    `e tbg JACs omzi `e a s`i haz {ap "`%g% as a ~apiget tm tbg [C^J)% @ aed ip ass`staet

    azg st`hh tzp`ek tm hmcatg {bm tbg zgc`~`get {as mo tbg zgia`e`ek swi mo 3?(>;06 `t `s

    h`lghp tbat tb`s tmm {as a dza{ dm{e me jgbaho mo ae EKJ aed {as s i~hp dgscz`jgd as

    Iaeakgiget Awd`t [mzhd Chass Sw~~mzt me tbg JACs tzaesogz omzi% @ zwhg mwt ozawd

    mz tbgot as tm tbg 1%4 i`hh`me% [bat ahh mo tb`s `ed`catgs `s tbat tbg JACs tzaesogz spstgi

    {as( cgzta`ehp at tb`s stakg `e `ts h`og( ca~ajhg mo bav`ek `eaccwzatg `eomziat`me ~hacgd me

    tbg dmcwigetat`me% @ wedgzstaed tbat tbg JACs spstgi cmwhd jg wsgd jp gi~hmpggs `e

    tbg [C^J zghat`vghp gas`hp% @ ialg a zgcmiigedat`me as tm owtwzg sgcwz`tp mo tbg JACs

    spstgi `e Cba~tgz 11% @t iap {ghh jg tbat {bat @ zgcmiiged bas ahzgadp jgge attgedgd

    tm as JACs ~apigets spstgis bavg jgcmig imzg sgcwzg s`ecg :>>1% @ bavg jgge

    `eomzigd {mzl bas staztgd tm sgcwzg tbg JACs ~apiget spstgi omhhm{`ek Iz Lghhps

    zg~mzt% A sgcwzg spstgi `s mjv`mwshp zgqw`zgd omz Hmttgzp oweds%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    48/261

    ^T

    Bm{ Hmek Sbmwhd tbg [C^J bavg hastgd=

    23% [bge `etgzv`g{gd jp ig( Iz Cb`vgzs `ed`catgd tbat bg tbmwkbt tbg [mzhd Chass

    ^apigets Jwzgaw sbmwhd bavg bad a h`og mo em imzg tbae ajmwt meg tm t{m pgazs% @ tb`el

    bg igaet tbat em s~mzt sbmwhd bavg jgge dgaht {`tb tbzmwkb tbg [C^J omz imzg tbae 1:

    pgazs% Tbg tb`el`ek {b`cb hap jgb`ed tb`s cmiiget {as tbat `o tbg [mzhd Chass

    ^apigets Jwzgaw gr`stgd sm as tm ewztwzg a kmvgze`ek jmdp {b`cb {as emt o`t omz ~wz~msg

    jacl tm bgahtb aed `o tbat kmvgze`ek jmdp bad emt jgcmig bgahtbp {`tb`e a meg tm t{m

    pgaz ~gz`md( tbge `t {mwhd emt bavg jgge a~~zm~z`atg tm cmet`ewg owed`ek tbat jmdp% @

    akzgg {`tb tb`s aeahps`s% As cae jg sgge ozmi tbg hgdkgz aed Cba~tgz ; smig EKJs {gzg

    owedgd omz hmekgz tbae 1: pgazs {bge tbgp {gzg emt o`t omz ~wz~msg%

    24% Tbgzg azg bm{gvgz owztbgz zgasmes as tm {bp S~mzt Gekhaed sbmwhd bavg talge a hmek

    bazd hmml at {bgtbgz tbg [mzhd Chass ^apigets Jwzgaw sbmwhd bavg cmet`ewgd `e

    gr`stgecg% Tb`s `s tm dm {`tb tbg oact tbat ae attgi~t omziahhp tm gstajh`sb a sw~~mzt

    jwzgaw m~gzat me {as actwahhp zgfgctgd jp igijgzs mo tbg Awd`t Cmii ttgg mo S~mzt

    Gekhaed `e :>>1% At tbg ~m`et {bge a dgc`s`me {as iadg tm zgfgct a jwzgaw( tbg staoo mo

    S~mzt Gekhaed {bm {gzg zwee`ek smigtb`ek {b`cb gr`stgd `e s`i`haz omzi( ahjg`t me a

    iwcb siahhgz scahg tbae tbat {b`cb bad jgge ~zm~msgd( sbmwhd bavg za`sgd {`tb sge`mz

    iaeakgiget aed tbg Jmazd {bgtbgz `t {as a~~zm~z`atg tm cmet`ewg {`tb tbg jwzgaw `tsgho%

    Tbgp d`d emt dm tb`s aed tbg [mzhd Chass ^apigets Jwzgaw tbgzgomzg cazz`gd me omz a

    owztbgz o`vg pgazs `e c`zcwistaecgs {bgzg @ cmes`dgz `t sbmwhd bavg emt bavg dmeg( aed

    cgzta`ehp emt `e tbg omzi {b`cb @ bavg dgscz`jgd%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    49/261

    ^Z

    27% @ ai cmesc`mws tbat tb`s iwst jg lg~t `e ~gzs~gct`vg% S~mzt Gekhaed d`d sgg ;;' mo `ts

    scbgigs zatgd sat`soactmzp mz jgttgz jp tbg DCIS aed tbgp sa{ a 11?' `eczgasg `e

    oac`h`tp wsakg "smwzcg tbg DCIS dmcwiget Tbg O`zst Sgvge Pgazs)% Jwt fwdkgd me `ts

    m{e tgzis tbg [C^J actgd as a oweegh omz tbg ~zmv`s`me mo Hmttgzp imegp tm EKJs

    {b`cb {gzg emt o`t omz ~wz~msg aed {bgzg smig mo tbmsg EKJs d`d emt `i~zmvg tbg`z m{e

    kmvgzeaecg azzaekgigets%

    Cmes`dgzat`me mo tbg Gstajh`sbiget mo tbg Eat`meah Kmvgze`ek Jmd`gs Sw~~mzt Jwzgaw

    2?% @e :>>> Iz Cb`vgzs( as Bgad mo @etgzeah Awd t( cmii`ss`megd Iz ^gtgz Tbmias tm

    wedgztalg smig {mzl {`tb a v`g{ tm ial`ek a zgcmiigedat`me tbat S~mzt Gekhaed

    sbmwhd czgatg a Eat`meah Kmvgze`ek Jmd`gs Sw~~mzt Jwzgaw% Iz Tbmias wedgztmml smig

    {mzl aed ~zg~azgd a zg~mzt omz Iz Cb`vgzs% Tbg oact tbat Iz Cb`vgzs {as ajhg tm

    cmii`ss`me swcb a zg~mzt ed`catgs tbg jzgadtb mo b`s m{e grgcwt`vg ~m{gzs%

    2;% As a zgswht mo tb`s {mzl( a d`scwss`me ~a~gz {as ~zg~azgd {b`cb {g bavg omwed hmmsg

    aimekst tbg Awd`t Cmii`ttgg ~a~gzs omz tbg ged mo tbg pgaz :>>1 "jwt sgg Cba~tgz 2 omz

    imzg dgta`h as tm tbg t i`ek)% Tbat d`scwss`me ~a~gz sgts mwt tbg ~zms aed cmes mo

    gstajh`sb`ek a Eat`meah Kmvgze`ek Jmd`gs Sw~~mzt Jwzgaw%

    22% Tbg `dga mo gstajh`sb`ek a Eat meah Kmvgze`ek Jmd`gs Sw~~mzt Jwzgaw {as d`scwssgd at

    t{m Awd`t Cmii`ttgg iggt`eks% @t {as dgc`dgd tbat tbg Awd`t Cmii`ttgg sbmwhd hmml at

    tbg `sswg {`tb a v`g{ tm tal`ek `t owztbgz( jwt {bge tbg `sswg {as owztbgz grai`egd( `t {as

    dgc`dgd tbat `t sbmwhd emt jg talge owztbgz% Dgc`d`ek me {bgtbgz mz emt tbgzg sbmwhd jg a

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    50/261

    ^_

    eg{ jws`egss owect`me dmgs emt sggi tm ig tm jg ae a~~zm~z`atg tasl omz tbg Awd`t

    Cmii`ttgg% Jg tbat as `t iap( @ bavg zgad dmcwigets {b`cb sbm{ tbat igijgzs mo tbg

    Awd`t Cmii ttgg cmes`dgzgd tbat tbg gstajh`sbiget mo a Eat`meah Kmvgze`ek Jmd`gs

    Sw~~mzt Jwzgaw {as emt {bat S~mzt Gekhaed {as ajmwt aed {as cmes`dgzgd( cgzta`ehp jp

    smig igijgzs mo tbg Awd`t Cmii`ttgg( tm jg `ea~~zm~z`atg% Tbg `dga {as tbgzgomzg

    ahhm{gd tm d`g%

    20% Ahtbmwkb tbg `dga omz tbg Eat`meah Kmvgze`ek Jmd`gs Sw~~mzt Jwzgaw {as omz tbg

    gstajh`sbiget mo a jmdp {b`cb {mwhd bavg a {`dgz zgi`t tbae tbg [mzhd Chass ^apigets

    Jwzgaw( egvgztbghgss tbg ~zm~msah {as tbat tbg [mzhd Chass ^apigets Jwzgaw cmwhd jg

    swjswigd {`tb`e a Eat`meah Kmvgze`ek Jmd`gs Sw~~mzt Jwzgaw% Tbg ~a~gz d`d emt

    s~ghh mwt {bat {mzl tbg [mzhd Chass ^apigets Jwzgaw {as `e oact dm`ek( emz d`d `t s~ghh

    mwt tbg dgkzgg mo act`v`tp {b`cb jp hatg :>>> aed gazhp :>>1 tbg [mzhd Chass ^apigets

    Jwzgaw {as wedgztal`ek%

    0>% @e ip v`g{( at tbg ~m`et at {b`cb tbg Awd`t Cmii`ttgg dgc`dgd tbat t {as emt km`ek tm

    talg tbg Eat`meah Kmvgze`ek Jmd`gs Sw~~mzt Jwzgaw `dga aep owztbgz( sge`mz iaeakgiget

    mo S~mzt Gekhaed sbmwhd bavg iadg `t chgaz tm tbg Jmazd mo S~mzt Gekhaed ~zgc`sghp {bat

    act`v`t`gs {gzg jg`ek wedgztalge jp tbg [mzhd Chass ^apigets Jwzgaw aed bavg smwkbt

    `estzwct`mes as tm {bat sbmwhd em{ ba~~ge%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    51/261

    ^K

    01% @e oact( as @ dgta`h hatgz `e tb`s zg~mzt( tbg [mzhd Chass ^apigets Jwzgaw cmet`ewgd `e

    gr`stgecg {`tbmwt swoo`c`get zg~mzt`ek mo `ts act`v`t`gs aed owect`mes km`ek me g`tbgz tm tbg

    Awd`t Cmii ttgg( mz tm tbg Jmazd mo S~mzt Gekhaed%

    0:% Tbg [mzhd Chass ^apigets Jwzgaw bav`ek dgvghm~gd mwt mo ae `ea~~zm~z atg ~zmcgss(

    {as egvgz jzmwkbt {`tb`e tbg `etgzeah mz grtgzeah awd`t ~zmkzaiigs% Iwcb chgazgz

    zg~mzts mo `ts act`v`t`gs sbmwhd bavg jgge k`vge tm tbg Awd`t Cmii`ttgg mo S~mzt Gekhaed%

    Owztbgz( tbg `etgzeah awd`t owect`me( mz iaeakgiget awd`t owect`me( mo S~mzt Gekhaed

    sbmwhd bavg zg~mztgd tm tbg grtgzeahhp cmetzactgd `etgzeah awd`tmzs aed tm tbg Eat`meah

    Awd`t Moo`cg {bat jws`egss act`v`t`gs {gzg jg`ek wedgztalge jp tbg [mzhd Chass

    ^apigets Jwzgaw aed tbat tbmsg act`v`t`gs {gzg jg`ek wedgztalge tbzmwkb a sg~azatg jael

    accmwet% Tb`s d`d emt mccwz% Owztbgz( Jazchaps Jael( {bge aslgd aeewahhp jp tbg

    Eat`meah Awd`t Moo`cg tm ~zmv`dg dgta`hs mo jael accmwets bghd jp S~mzt Gekhaed( egvgz

    ~zmv`dgd `eomziat`me ajmwt tbg [mzhd Chass ^apigets Jwzgaw accmwet1?

    %

    03% Tbg zgswht mo tbgsg oa`hwzgs {as tbat tbg [mzhd Chass ^apigets Jwzgaw {as emt jzmwkbt

    {`tb`e g`tbgz tbg @etgzeah mz tbg Grtgzeah Awd`t ~zmkzaiigs% Awd`t sai~hg tgst`ek d`d emt

    mccwz mo tzaesact mes {b`cb {get tbzmwkb tbg [C^J% Emz {gzg tbg Jazchaps [C^J

    accmwet jahaecgs zgcmec`hgd jp tbg awd`tmzs% Tbg Jael Accmwet {as `etgzeahhp

    zgcmec`hgd jp S~mzt Gekhaed staoo wet`h :>>4% Zgcmec`h`at`me mo tbg jael accmwet `s emt

    tbg saig as ae awd`t mo tbg [mzhd Chass ^apigets Jwzgaw `tsgho% As oaz as @ cae tghh( tbgzg

    {as egvgz aep attgi~t jp tbg `etgzeah awd`tmzs "`%g% z`cg[atgzbmwsg Cmm~gzs "^{C)(

    Iaazs aed Jgethgp Fgee`sme( mz tbmsg cmetzactgd tm wedgztalg `etgzeah awd`t) tm

    # #!T

    PAR#/(,/("(:)>)+6("#)(%%#D(#)'>)#)'+"#+"#:&)#4:4"4>%N#

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    52/261

    BJ

    wedgztalg ae awd`t mo tbg [mzhd Chass ^apigets Jwzgaw( aed tbg gv`dgecg ~zmv`dgd tm

    ig jp tbg Eat`meah Awd`t Moo`cg `ed`catgs tbat tbgp wedgztmml em sai~hg awd`t tgst`ek mo

    ~apigets mz tzaesact`mes wedgztalge tbzmwkb tbg [mzhd Chass ^apigets Jwzgaw% Tbg

    zgasme {bp tbgsg oa`hwzgs mccwzzgd `s jgcawsg tbgzg {gzg oa`hwzgs tm zg~mzt jp

    iaeakgiget% Tbg EAM d`d emt tbgzgomzg ~hae tbg`z awd`ts {`tb a v`g{ tm `echwd`ek

    [C^J tzaesact`mes as ~azt mo tbg`z awd`t {mzl%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    53/261

    B!

    CBA^TGZ 4

    TBG S^MZTS CMWEC@H AED S^MZT GEKHAED

    ZGHG_AET STZWCTWZG 1002:>>;

    04% @ grb`j`t tm tb`s zg~mzt a cbazt \Aeegr 2Y mo tbg zghgvaet sge`mz ~gzsmeegh at S~mzt Gekhaed

    jgt{gge tbg ~gz`md 1007 tm :>>;% Ozmi tb`s `t cae jg sgge tbat tbgzg {gzg ozgqwget

    cbaekgs mo Cba ziae( Cb`go Grgcwt`vg( O`eaecg D`zgctmz-Bgad mo Cmz~mzatg Sgzv`cgs(

    aed mtbgzs "emt grb`j`tgd `e tbg cbazt) dwz`ek tbg pgazs {bge tbg [mzhd Chass ^apigets

    Jwzgaw {as gstajh`sbgd aed zwe% Meg mo tbg zghgvaet hgssmes mo tb`s `eqw`zp `s tbat `t s

    emt bgahtbp omz a emedg~aztigetah kmvgze`ek jmdp "mz `edggd aep mzkae`sat`me) omz tbgzg

    tm jg ozgqwget cbaekgs mo sge`mz iaeakgiget aed ~gzsmeegh6 {`tb`e S~mzt Gekhaed a

    sgesg mo `estaj`h`tp aed hacl mo cmz~mzatg igimzp dgvghm~gd as tbgzg {gzg sge`mz

    ~gzsmeegh cbaekgs `e ~azt dz`vge jp ~mh`t`c`aes%

    07% Tbg stzwctwzg mo S~mzt Gekhaed tsgho {as as omhhm{s% Tbg Cmwec h {as aed s zgs~mes`jhg

    omz tbg mvgzahh kmvgzeaecg aed d`zgct`me mo S~mzt Gekhaed% @ts igijgzs azg dgscz`jgd as

    Tbg Jmazd

    0?% A Hmttgzp ^aegh {as gstajh`sbgd cba`zgd `e tbg zghgvaet ~gz`md jp Tzgvmz Jzmml`ek(

    Kgzahd Dgee`s( Dav`d Mrhgp( Dgs [`hsme( Zap Caztgz aed Jz`k`d S`iimeds% @t {as tb`s

    ^aegh {b`cb sczwt`e`sgd a~~h`cat`mes omz hmttgzp owed`ek aed iadg zgcmiigedat`me tm tbg

    Cmwec`h {b`cb {mwhd wht`iatghp jg zgs~mes`jhg omz aep kzaets iadg% Owztbgz dgta`hs azg

    cmeta`egd `e Cba~tgzs ? aed ;% Tbg Hmttgzp aegh {as d`sjaedgd mz zgeaigd `e :>>:

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    54/261

    B*

    {bge `t jgcaig lem{e as tbg Hmttgzp -Eat`meah @evgstiget ^aegh% @e hatg 1000 mz gazhp

    :>>> sped`catgs {gzg `etzmdwcgd tm tbg Hmttgzp ^aegh( meg mo {b`cb {as lem{e as tbg

    [mzhd Chass Sped`catg%

    0;% Tbg Cba ziae mo tbg Cmwec`h cba zgd tbg jmazd% Tbg Cba`zs {gzg S`z Zmdegp [ahlgz%

    S`z Tzgvmz Jzmml`ek( Hmzd Caztgz mo Cmhgs( Dgzgl Ia~~ aed I`cbagh Oazzaz "{bm mehp

    tmml mvgz `e Dgcgijgz :>>; aed mwts`dg tbg ~gz`md {bge tbg [C^J m~gzatgd)%

    02% @e tbg zghgvaet pgazs wet h Iap :>>7 S~mzt Gekhaed bad ae `etgzeah awd`t aed-mz

    iaeakgiget awd`t owect`me {b`cb {as bgadgd w~ jp Iz Jazzp Cb`vgzs% Aotgz Iap :>>7

    b`s ~hacg {as talge jp Iz Kzg`k Ahae {bm( `e :>>?( imvgd tm Jgethgp Fgee`sme( {bm

    tbgisghvgs {gzg tbg mwtsmwzcgd `etgzeah awd`tmzs%

    00% Tbzmwkbmwt tbg {bmhg mo tbg ~gz`md {`tb {b`cb @ bavg jgge cmecgzegd( S~mzt Gekhaed

    bad ae Awd`t Cmii`ttgg% Tbg Cba`ziae mo tbg Awd`t Cmii`ttgg `e 1002 aed 1000 {as

    Kgzahd Dgee`s aed aotgz tbat Iz Zmkgz Jmttmihgp wet`h Sg~tgijgz :>>:% @e :>>3 Jz`k`d

    S`iimeds cba`zgd tbg Cmii`ttgg aed ozmi Dgcgijgz :>>3 tm :>>; S`z Aedzg{ Omstgz

    cba`zgd tbg Cmii`ttgg% S`z Aedzg{ cmet`ewgd `e tb`s zmhg wet`h b`s sgcmed tgzi mo moo`cg

    as a igijgz mo tbg S~mzt Gekhaed Jmazd gr~`zgd `e Fwhp :>>0%

    1>>% @e b`s gv`dgecg tm ig( Iz Zmkgz Jmttmihgp `ed`catgd tbat bg tmml me tbg zmhg mo Awd t

    Cmii`ttgg Cba`ziae as a zgswht mo a zgqwgst iadg tm b`i jp Iz Dgzgl Casgp( tbg Cb`go

    Grgcwt`vg% Tbg Cba z mo tbg Awd`t Cmii`ttgg mo a jmdp {b`cb cmetzmhs ~wjh c oweds

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    55/261

    B@

    eggds tm jg smigjmdp gr~gz`gecgd `e tbg {mzl mo accmwets sczwt`ep( aed ~zgogzajhp

    ~wjh`c sgctmz o`eaecg aed awd`ts% Jp tb`s @ igae tbat tbg ~gzsme cmecgzegd iwst g`tbgz

    bavg s~gc`o`c awd`t gr~gz`gecg mz iwst bavg {mzlgd `e ae gev`zmeiget {bgzg bg mz sbg

    bas wedgztalge sczwt`e`s`ek {mzl mo tbg l`ed {b`cb ae awd`t cmii`ttgg {mwhd wedgztalg%

    @e tbg casg mo S~mzt Gekhaed( omz smig mo tbg zghgvaet ~gz`md( Iz Zmkgz Jmttmihgp

    cba`zgd tbg Awd`t Cmii`ttgg ":>>> wet`h Sg~tgijgz :>>:) jwt d`d emt bavg ~azt`cwhaz

    awd`t gr~gz`gecg as @ bavg fwst dgscz`jgd `t% Iz Jmttmihgps jaclkzmwed bas jgge `e

    hmcah kmvgzeiget "[gsti`estgz C`tp Cmwec`h)( jgomzg {mzl`ek `e Hg`swzg Iaeakgiget%

    Bg {as aslgd jp Iz Dgzgl Casgp tm cba`z tbg Awd`t Cmii`ttgg% Iz Jmttmihgp `s ~ha`ehp

    ae bmegst aed cmesc`get`mws ~gzsme% @t `s emt chgaz tm ig {bgtbgz tbg a~~m`etiget {as

    wedgztalge tbzmwkb a ~wjh`c a~~m`etiget ~zmcgss%

    1>1% Iz Jmttmihgp( `e b`s `etgzv`g{ {`tb ig( `ed`catgd tbat bg d`d emt cmes`dgz `t ~azt mo tbg

    Awd`t Cmii`ttggs owect`me tm `evgst`katg( d`k mz ~mh`cg as tm tbg act`v t`gs mo tbg

    moo`c`ahs aed mtbgzs {bm caig jgomzg tbg Awd`t Cmii`ttgg aed zg~mztgd% Jp cmetzast(

    {bge @ `etgzv`g{gd S`z Tzgvmz Jzmml`ek me tbg saig dap( bg d`d cmes`dgz tbat tbg Awd t

    Cmii`ttgg {as a cmii`ttgg {b`cb {mwhd cbahhgekg zghgvaet moo`c`ahs aed sczwt`e`sg z`sl

    azgas tm tbg jws`egss% Tb`s i swedgzstaed`ek igaet tbat tbgzg iap {ghh bavg jgge ae

    gev`zmeiget {bgzg tbg Awd`t Cmii`ttgg( wet`h at hgast :>>3( {as emt m~gzat`ek as a

    zmjwst sczwt`e`sgz mo iaeakgiget cmetzmhs mo z`sl {`tb`e S~mzt Gekhaed( {b`cb iap bavg

    igaet tbat S~mzt Gekhaed moo`c`ahs tbgisghvgs d`d emt oggh tbat tbgp {mwhd jg cbahhgekgd

    at Awd`t Cmii`ttgg iggt`eks% As @ sbahh dgimestzatg `e imzg dgta`h "`e Cba~tgz 2)( tbg

    zg~mzts as tm tbg act`v`t`gs mo tbg [mzhd Chass ^apigets Jwzgaw tgedgd tm jg aemdpeg aed

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    56/261

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    57/261

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    58/261

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    59/261

    BZ

    oa`hwzgs {b`cb cmetz`jwtgd tm tbg oact tbat tbg Eat`meah Awd`t Moo`cg `tsgho d`d emt lem{ mo

    tbg zgvgewg stzgai tbat {as cmi`ek `etm aed km`ek mwt mo tbg [mzhd Chass ^apigets

    Jwzgaw% Tbg O`eaecg( aed Iaeakgiget Awd`t "hatgz tbg Kmvgzeaecg Asswzaecg aed Z`sl)

    tgais sbmwhd s~gc`o`cahhp bavg dza{e tb`s tm tbg attget`me mo tbg Eat`meah Awd`t Moo`cg%

    @edwct`me mo Staoo aed Sge`mz Igijgzs mo S~mzt Gekhaed

    1>2% Dwz`ek tbg cmwzsg mo tb`s `eqw zp( `t bas jgcmig a~~azget tm ig tbat `edwct`me mo staoo(

    aed baedmvgz azzaekgigets( omz tbg ~gz`md {b`cb @ ai geqw`z`ek `etm( `%g% 1000 tm :>>;

    {gzg ~mmz%

    1>0% Omz grai~hg( t dmgs emt sggi tm ig tbat tbg `ecmi`ek Cba`zs mz Cb`go Grgcwt vgs mo

    S~mzt Gekhaed {gzg k`vge owhh {z`ttge jz`go`eks( emz a owhh aeahps`s mo tbg`z dwt`gs aed

    zgs~mes`j`h`t`gs {`tb`e tbg ozaig{mzl mo tbg Hmttgzp Act 1003( o`eaec`ah d`zgct`mes(

    kw`daecg aed ~mh`cp% Smig igijgzs mo staoo d`d a~~gaz tm zgcg`vg smig `edwct`me

    tza`e`ek% Jwt tbgzg sbmwhd bavg jgge a omziah spstgi omz `edwct`me tza`e`ek mo gacb

    igijgz mo staoo em iattgz bm{ sge`mz mz fwe`mz a~~zm~z`atghp cmestzwctgd omz tbg

    zgs~mes`j`h`t`gs {b`cb tbat igijgz mo staoo {as km`ek tm wedgztalg% Tb`s `s tzwg kgegzahhp

    aed mo cmwzsg omz tbg [C^J `e ~azt cwhaz% Tbg zgswht mo tb`s oa`hwzg `s tbat {bge( omz

    grai~hg( Dgzgl Ia~~ jgcaig Cba`ziae `e :>>?( bg {as k`vge v`ztwahhp em ~zm~gz

    `edwct`me `etm b`s fmj% Tbgzg {gzg smig tza`e`ek dmcwigets aed a iaewah d`d gr`st omz

    tbg [C^J% Jwt staoo bavg tmhd ig tbat tbgp d`d emt zgcg`vg `edwct`me aed tza`e`ek%

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    60/261

    B_

    11>% At a imzg fwe`mz hgvgh( @ zgcg`vgd a {mzzp`ek accmwet ozmi _`ctmz`a ^acg( {bm jgcaig

    zgs~mes`jhg omz tbg lazatg accmwet {b`hst `t {as jg`ek iaeakgd tbzmwkb tbg [mzhd Chass

    ^apigets Jwzgaw `e :>>?% Bgz jaclkzmwed {as `e s~mzt iaeakgiget( aed emt `e

    accmwet`ek mz accmwetaecp ~zmcgdwzgs% Sbg {as k`vge em edwct`me tza`e`ek `e zghat`me tm

    tbg [mzhd Chass ^apigets Jwzgaw aed `e ~azt`cwhaz emeg {b`cb zghatgd tm accmwets(

    iaeakgiget accmwets( emz aep mo tbg smzts mo accmwet`ek `sswgs {b`cb {mwhd az`sg `e

    zgs~gct mo a jmdp {b`cb {as emt o`t omz ~wz~msg jwt {b`cb {as zgcg`v`ek oweds v`a tbg

    [mzhd Chass ^apigets Jwzgaw%

    111% @e add`t`me tm tbg omzgkm`ek( tbgzg {as a sgz mws ~zmjhgi czgatgd jp tbg oact tbat iaep

    staoo {`tb`e S~mzt Gekhaed aed `e ~azt`cwhaz {`tb`e tbg [mzhd Chass ^apigets Jwzgaw

    {gzg me tgi~mzazp cmetzacts% [bge Hmzd Caztgz aed Zmkgz Dza~gz cazz`gd mwt a iass`vg

    zgstzwctwz`ek( aed staoo zgdwct`me( grgzc`sg `e :>>: tbg aeewah zg~mzt emtgd tbat tgi~mzazp

    staoo`ek {as a ~zmjhgi% Tgi~mzazp staoo cmetzacts bad tbg googct mo ial`ek tbmsg staoo

    igijgzs( gvge `o tbg`z cmetzacts {gzg zgeg{gd ~gz`md`cahhp( emt tm oggh cmeo dget tbat

    tbgp {gzg hmek tgzi igijgzs mo tbg mzkae`sat`me%

    11:% Tbg cwiwhat`vg googct mo ahh mo tbgsg ogatwzgs {as tbat sge`mz iaeakgiget d`d emt bavg

    aotgz Iz Casgp hgot ":>>1)( aed Iz Caz~getgz hgot ":>>3)( a dgta`hgd {mzl`ek lem{hgdkg

    mo {bat {as km`ek me {`tb`e jmtb tbg [mzhd Chass ^apigets Jwzgaw aed tbg s~mzts {b`cb

    tbgp {gzg iaeak`ek tbzmwkb `t% Iz Jazzp Cb`vgzs zgia`egd( wet`h :>>7( tbg hmekgst

    staed`ek sge`mz igijgz mo staoo {`tb`e S~mzt Gekhaed {`tb zgs~mes`j`h`tp omz tbg [mzhd

    Chass ^apigets Jwzgaw( {`tb a tzmwjhg sbmmt`ek zmhg% Jwt `e tbg ajsgecg mo ~zm~gz

  • 8/14/2019 Inquiry Into the World Class Payments Bureau

    61/261

    BK

    zg~mzt ek aed `edwct me tm `ecmi`ek sge`mz grgcwt`vgs( `e tbg ajsgecg mo ~zm~gz

    `edwct`mes mo igijgzs mo staoo {bm {gzg gi~hmpggs me owhh as m~~msgd tm tgi~mzazp

    cmetzacts( tbg spstgi {as `egv`tajhp at z`sl tbat `t {as emt km`ek tm acb`gvg tbg staedazds

    {b`cb azg zgqw`zgd omz ae mzkae`sat`me {b`cb `s zgs~mes`jhg omz ~wjh`c imegp%

    Zgcmiigedat`mes

    113% A sgz`gs mo zgcmiigedat`mes cmig ozmi tbg o ed`eks {b`cb @ bavg iadg `e zgs~gct mo tbg

    stzwctwzg mo S~mzt Gekhaed at tbg zghgvaet t`ig% Tbg zgcmiigedat`mes azg6

    113%1 @t `s `ea~~zm~z`atg omz a ~gzsme {bm bmhds zgs~mes`j`h tp omz `etgzeah awd t mz tbg

    iaeakgiget mo z`sl aed asswzaecg tm bmhd grgcwt`vg zgs~mes`j`h`tp omz

    iaeakgiget mo ~azt mo tbg jws`egss% Tb`s sbmwhd emt mccwz aka`e% @ wedgzstaed

    ozmi d`scwss`mes {`tb cwzzget sge`mz iaeakgiget tbat `t dmgs emt%

    113%: Ahh igijgzs mo staoo ozmi tbg imst sge`mz tm tbg i