So we will just attempt to get through it and I will attempt to monitor it. All eyes are on Venezuela right now, and Venezuela's effect on the Caribbean nations from energy to trade and other things are very concerning, especially Eastern Caribbean nations. So, I guess the question that I have is, all six nations of the Company of Eastern Caribbean States are members of the Bolivarian Alliance understood as ALBA, which consists of efforts to promote regional cooperation and reduce hardship; so to what level have ALBA and Petrocaribe increased Venezuela's impact in the Caribbean? I believe I can answer that question enormously.
Mr. Farnsworth. Mr. Chairman, thank you. And I concur it is the pregnant issue if you will of the area. Venezuela is a nation that remains in collapse. Economically, some are stating it is no longer a democracy. It is a country that has severe and long lasting internal issues which it is going to take years to get beyond. And so, the relationship that Venezuela has established with a number of nations of the Caribbean in good times has actually become strained, because the largesse that Venezuela has actually been able to frankly provide away or to offer a concessionary on concessionary terms has actually been much constrained in the existing environment.
I guess what I would say is in the existing environment, since of the difficulties that Venezuela is having and honestly Click for more because of the chances that we have in the United States through the entire revolution of energy that we have seen in our own nation over the last numerous years, we have a chance to come into the Caribbean as a partner and state, look, you know the programs and the activities that you might have been finishing with Venezuela are no longer relevant and we can provide the exact same things that you require without http://edwinnubg345.jigsy.com/entries/general/the-single-strategy-to-use-for-how-to-finance-a-home-remodel the political or without the ideological overhang that you may have had previously - Which of the following was eliminated as a result of 2002 campaign finance reforms?.
Duncan. Let me ask you something about that. Exists enough trust of the United States for us to enter that space with those nations? I do not understand the answer to that. Mr. Farnsworth. Well, I think in the present environment we need to do some groundwork. We need to do some spade work. I suggest, look, Petrocaribe was a very successful program and we understand why. I imply, it was timely, it supplied something that the leaders required when they required it. It was symbolic. It was very, extremely easy to discuss to people. I mean, we are getting oil from Venezuela.
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It was on one issue. And I think sometimes, when the United States engages with the countries of the Caribbean, we have a great deal of well meaning programs and fantastic ideas, but they are watered down, right? Not misguided, but watered down in terms of the effort and the focus. Under Petrocaribe, it was one product quickly discussed, highly symbolic, and individuals said Venezuela's our buddy - How long can you finance a used car. And I believe what we require to do much better from the United States' point of view is to develop that level of trust through a continuous sustained engagement with the area so that individuals can state, look, we do trust you. The trend in campaign finance law over time has been toward which the following?.
Mr. Duncan. I personally believe energy is an excellent opportunity for us, no doubt about that. Let me explore cash laundering and terrorism funding a little bit. There is a big push by the U.S. to have U.S. banks sever relationship with Caribbean-based banking organizations. Does that policy work to decrease cash laundering and chances for terrorist organizations to access the financial system? Which is probably to Sally. Ms. Yearwood. In a great deal of methods it does the opposite, because as soon as U.S. banks move out of the area what you have actually produced in truth is a space which becomes filled by other organizations.
So, what is being developed is a scenario where there is more opportunity for terrorist financing or something to go wrong and somebody to exploit that space. So I would say that the U.S. banks absolutely require to be an essential and crucial player in the local cash system. Mr. Duncan. I am probably less worried, and maybe I shouldn't be, however less concerned about terrorism financing through the Caribbean financial organizations as I have to do with money laundering. What is a consumer finance account. We simply saw in Panama, a huge $800 million money laundering plan, realty participation, big number of staff members involved in a legitimate company-- still a cash laundering plan.
Ms. Yearwood. Part of the problem is the perception of danger versus the truth of the threat. Banks are not leaving the Caribbean since there is money laundering. Banks are leaving the Caribbean because the costs of compliance are extremely stacked against the banking system. You have little jurisdictions and for every single account that you are handling you have to put a substantial amount of cash into making sure that the cost of-- that business is tidy. However what we have Check over here to do in result is develop a system where the regulators, the banks, everyone is interacting, details is being shared, and when details is passed between the regulators and the Treasury or the regulators and the banks, people know where the voids are.
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And the problem in the Caribbean is that the economies are little, putting these systems in location costs a lot, but all the Caribbean will inform you that they satisfy the compliance policies. And so there is a disconnect between what is actually occurring and what people are saying is taking place. I think one of the typical problems is the breakdown between what is going on in offshore financial services and what is going on in banking. And the Panama Papers were really largely connected to the offshore monetary services industry versus the reporter banking and de-risking concern that is presently being dealt with.
Mr. Duncan. I am assuming that the Federal Government is keeping an eye on-- in Panama Papers an individual is never ever linked because and begin shifting financial resources around, in possibly, the Caribbean country. I am assuming our Treasury and FBI are monitoring that, I would presume. So I am going to go on and yield to the ranking member. Mr. Sires. Among the reasons that I supported, or I still support the export of energy from this nation is to offset the impact of Venezuela because generally they were using it for political purpose. You understand, if you take a look at the votes they took at the U.N.
So now Venezuela remains in difficulty. I believe their production is something like 40, half less, and there is a space there that we can help fill and, you know, we can really help in regards to just having a bit more influence on people. The other thing that stresses me is that on the eastern part of the Caribbean. Generally, we have an Embassy in Barbados and it serves all those islands there. Meanwhile, you have Venezuela, Cuba, Brazil, they all have an existence there. So I was simply wondering just how much of a competitive disadvantage this puts us when we do not have, actually, a presence in the Eastern Caribbean.