So we will simply try to survive it and I will try to monitor it. All eyes are on Venezuela today, and Venezuela's influence on the Caribbean countries from energy to trade and other things are very concerning, especially Eastern Caribbean nations. So, I think the question that I have is, all six nations of the Organization of Eastern Caribbean States are members of the Bolivarian Alliance known as ALBA, which includes efforts to promote local cooperation and minimize poverty; so to what level have ALBA and You can find out more Petrocaribe increased Venezuela's impact in the Caribbean? I think I can answer that question greatly.
Mr. Farnsworth. Mr. Chairman, thank you. And I concur it is the pregnant concern if you will of the region. Venezuela is a country that is in collapse. Economically, some are saying it is no longer a democracy. It is a nation that has serious and long lasting internal issues which it is going to take years to get beyond. Therefore, the relationship that Venezuela has established with a variety of nations of the Caribbean in excellent times has become stretched, due to the fact that the largesse that Venezuela has had the ability to honestly give away or to supply a concessionary on concessionary terms has been much constrained in the current environment.
I guess what I would state remains in the present environment, due to the fact that of the difficulties that Venezuela is having and frankly because of the chances that we have in the United States through the whole revolution of energy that we have actually seen in our own country over the last a number of years, we have a chance to come into the Caribbean as a partner and state, look, you understand the programs and the activities that you may have been making with Venezuela are no longer appropriate and we can provide the very same things that you require without the political or without the ideological overhang that you may have had previously - Which of these arguments might be used by someone who supports strict campaign finance laws?.
Duncan. Let me ask you something about that. Exists enough trust of the United States for us to step into that void with those countries? I don't know the response to that. Mr. Farnsworth. Well, I believe in the present environment we require to do some groundwork. We need to do some spade work. I indicate, look, Petrocaribe was a very effective program and we understand why. I suggest, it was prompt, it http://lanezkqk457.lucialpiazzale.com/more-about-how-to-fight-lease-finance-group provided something that the leaders needed when they needed it. It was symbolic. It was extremely, very easy to discuss to individuals. I mean, we are getting oil from Venezuela.
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It was on one problem. And I think sometimes, when the United States engages with the nations of the Caribbean, we have a lot of well meaning programs and fantastic ideas, however they are diluted, right? Not deluded, but watered down in terms of the effort and the focus. Under Petrocaribe, it was one item easily described, extremely symbolic, and people said Venezuela's our friend - How long can i finance a used car. And I believe what we require to do much better from the United States' point of view is to build that level of trust through an ongoing sustained engagement with the region so that individuals can say, look, we do trust you. What is a swap in finance.
Mr. Duncan. I personally think energy is a terrific chance for us, no doubt about that. Let me look into money laundering and terrorism funding a bit. There is a huge push by the U.S. to have U.S. banks sever relationship with Caribbean-based banking institutions. Does that policy work to lower cash laundering and opportunities for terrorist companies to access the financial system? And that is most likely to Sally. Ms. Yearwood. In a lot of ways it does the opposite, due to the fact that when U.S. banks move out of the area what you have created in truth is a void and that becomes filled by other institutions.
So, what is being produced is a situation where there is more opportunity for terrorist funding or something to go wrong and someone to exploit that void. So I would say that the U.S. banks definitely need to be an essential and crucial gamer in the local money system. Mr. Duncan. I am probably less worried, and possibly I should not be, however less worried about terrorism financing through the Caribbean monetary organizations as I have to do with cash laundering. How long can you finance a camper. We just saw in Panama, a substantial $800 million cash laundering plan, property participation, substantial number of employees associated with a legitimate company-- still a money laundering scheme.
Ms. Yearwood. Part of the concern is the understanding of risk versus the reality of the risk. Banks are not leaving the Caribbean due to the fact that 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 certain that the expense of-- that business is clean. But what we need to perform in result is produce a system where the regulators, the banks, everybody is interacting, info is being shared, and when info is passed between the regulators and the Treasury or the regulators and the banks, individuals understand 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 regulations. And so there is a detach between what is actually occurring and what people are saying cost of a timeshare is occurring. I believe one of the typical problems is the breakdown in between what is going on in offshore monetary services and what is going on in banking. And the Panama Documents were very largely connected to the offshore monetary services market versus the correspondent banking and de-risking issue that is presently being faced.
Mr. Duncan. I am assuming that the Federal Federal government is monitoring-- in Panama Documents a person is never implicated because and begin moving funds around, in perhaps, the Caribbean nation. I am assuming our Treasury and FBI are keeping an eye on that, I would presume. So I am going to go on and yield to the ranking member. Mr. Sires. One of the factors that I supported, or I still support the export of energy from this nation is to offset the influence of Venezuela since generally they were utilizing it for political purpose. You understand, if you take a look at the votes they took at the U.N.
So now Venezuela is in trouble. I think their production is something like 40, 50 percent less, and there is a void there that we can assist fill and, you know, we can actually assist in regards to just having a little bit more affect on individuals. The other thing that worries me is that on the eastern part of the Caribbean. Essentially, 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 how much of a competitive downside this puts us when we do not have, truly, a presence in the Eastern Caribbean.