So we will simply try to get through it and I will attempt to monitor it. All eyes are on Venezuela today, and Venezuela's effect on the Caribbean countries from energy to trade and other things are really worrying, particularly Eastern Caribbean nations. So, I guess the question that I have is, all 6 nations of the Company of Eastern Caribbean States are members of the Bolivarian Alliance known as ALBA, that includes efforts to promote regional cooperation and relieve poverty; so to what degree have ALBA and Petrocaribe increased Venezuela's impact in the Caribbean? I believe I can address that concern enormously.
Mr. Farnsworth. Mr. Chairman, thank you. And I agree it is the pregnant issue if you will of the region. Venezuela is a country that is in collapse. Financially, some are stating it is no longer a democracy. It is a nation that has severe and enduring internal issues which it is going to take years to get beyond. And so, the relationship that Venezuela has established with a variety of countries of the Caribbean in great times has ended up being stretched, since the largesse that Venezuela has actually been able to honestly distribute or to provide a concessionary on concessionary terms has actually been much constrained in the current environment.
I think what I would state remains in the existing environment, because of the problems that Venezuela is having and frankly because of the chances that we have in the United States through the whole transformation of energy that we have seen in our own country over the last numerous years, we have an opportunity to come into the Caribbean as a partner and say, look, you know the programs and the activities that you might have been doing with Venezuela are no longer relevant and we can provide the same things that you require without the political or without the ideological overhang that you might have had previously - What can i do with a degree in finance.
Duncan. Let me ask you something about that. Exists enough trust of the United States for us to step into that space with those countries? I don't understand the response to that. Mr. Farnsworth. Well, I believe in the current environment we require to do some groundwork. We require to do some spade work. I imply, look, Petrocaribe was a very effective program and we understand why. I indicate, it was timely, it supplied something that the leaders needed when they needed it. It was symbolic. It was extremely, really simple to discuss to people. I suggest, we are getting oil from Venezuela.
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It was on one issue. And I think in some cases, when the United States engages with the nations of the Caribbean, we Hop over to this website have a lot of well suggesting programs and fantastic ideas, but they are watered down, right? Not misguided, however diluted 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 old of a car will a bank finance. And I think what we need to do much better from the United States' point of view is to construct that level of trust through a continuous sustained engagement with the area so that people can say, look, we do trust you. What happened to yahoo finance portfolios.
Mr. Duncan. I personally believe energy is a fantastic chance for us, no doubt about that. Let me explore cash laundering and terrorism financing a bit. There is a huge push by the U.S. to have U.S. banks sever relationship with Caribbean-based banking organizations. Does that policy work to decrease money laundering and opportunities for terrorist companies to access the financial system? And that is probably to Sally. Ms. Yearwood. In a lot of ways it does the opposite, because as soon as U.S. banks vacate the region what you have developed in reality is a space which ends up being filled by other organizations.
So, what is being produced is a situation where there is more opportunity for terrorist funding or something to fail and somebody to exploit that space. So I would say that the U.S. banks definitely require to be a crucial and vital gamer in the local money system. Mr. Duncan. I am probably less concerned, and possibly I should not be, but less worried about terrorism financing through the Caribbean monetary institutions as I am about money laundering. What do you need to finance a car. We simply saw in Panama, a big $800 million cash laundering scheme, property involvement, big number of workers associated with a genuine company-- still a money laundering scheme.
Ms. Yearwood. Part of the concern is the perception of danger versus the reality of the danger. Banks are not leaving the Caribbean due to the fact that there is cash laundering. Banks are leaving the Caribbean due to the fact that the costs of compliance are overwhelmingly stacked against the banking system. You have little jurisdictions and for each account that you are dealing with you need to put a huge amount of cash into making sure that the cost of-- that business is tidy. However what we have to carry out in impact is produce a system where the regulators, the banks, everyone is interacting, info is being shared, and when info is passed in between the regulators and the Treasury or the regulators and the banks, individuals know where deep spaces are.
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And the problem in the http://juliuspuvd025.bearsfanteamshop.com/an-unbiased-view-of-how-long-can-you-finance-a-new-car Caribbean is that the economies are little, putting these systems in place costs a lot, but all the Caribbean will tell you that they satisfy the compliance guidelines. And so there is a detach between what is in fact happening and what individuals are saying is happening. I believe one of the common grievances is the breakdown in between what is going on in overseas financial services and what is going on in banking. And the Panama Documents were extremely largely connected to the offshore monetary services market versus the reporter banking and de-risking issue that is currently being faced.
Mr. Duncan. I am presuming that the Federal Government is monitoring-- in Panama Documents an individual is never ever linked in that and start moving financial resources around, in potentially, the Caribbean country. I am presuming our Treasury and FBI are monitoring that, I would assume. So I am going to go ahead and accept the ranking member. Mr. Sires. One of the reasons that I supported, or I still support the export of energy from this country is to balance out the impact of Venezuela due to the fact that basically they were utilizing it for political purpose. are timeshares worth it 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, 50 percent less, and there is a space there that we can help fill and, you know, we can really assist in terms of simply having a little bit more influence on individuals. The other thing that stresses me is that on the eastern part of the Caribbean. Basically, we have an Embassy in Barbados and it serves all those islands there. On the other hand, you have Venezuela, Cuba, Brazil, they all have an existence there. So I was simply wondering how much of a competitive downside this puts us when we don't have, really, a presence in the Eastern Caribbean.