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[Arrieta Adell]

So we will just attempt to make it through it and I will attempt to monitor it. All eyes are on Venezuela right now, and Venezuela's effect on the Caribbean countries from energy to trade and other things are really worrying, specifically Eastern Caribbean nations. So, I guess the concern that I have is, all 6 nations of the Company of Eastern Caribbean States are members of the Bolivarian Alliance referred to as ALBA, which includes efforts to promote local cooperation and relieve poverty; so to what level have ALBA and Petrocaribe increased Venezuela's impact in the Caribbean? I think I can answer that question tremendously.

Mr. Farnsworth. Mr. Chairman, thank you. And I concur it is the pregnant problem if you will of the area. Venezuela is a country that remains in collapse. Economically, some are stating it is no longer a democracy. It is a country that has serious and long lasting internal problems which it is going to take years to get beyond. And so, the relationship that Venezuela has website actually established with a number of nations of the Caribbean in good times has actually become strained, due to the fact that the largesse that Venezuela has actually been able to honestly hand out or to supply a concessionary on concessionary terms has been much constrained in the current environment.

I guess what I would state is in the current environment, due to the fact that of the troubles that Venezuela is having and frankly since of the opportunities that we have in the United States through the entire revolution of energy that we have actually seen in our own nation over the last numerous years, we have a chance to come into the Caribbean as a partner and say, look, you understand the programs and the activities that you might have been making with Venezuela are no longer pertinent and we can provide the very same things that you need without the political or without the ideological overhang that you may have had formerly - What does finance a car mean.

Duncan. Let me ask you something about that. Is there enough trust of the United States for us to step into that space with those countries? I do not know the answer to that. Mr. Farnsworth. Well, I think in the current environment we require to do some foundation. We require to do some spade work. I mean, look, Petrocaribe was a really effective program and we understand why. I mean, it was prompt, it offered something that the leaders required when they needed it. It was symbolic. It was really, extremely simple to describe to individuals. 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 countries of the Caribbean, we have a lot of well indicating programs and fantastic ideas, but they are diluted, right? Not misguided, however diluted in terms of the effort and the focus. Under Petrocaribe, it was one product easily discussed, highly symbolic, and people stated Venezuela's our friend - How old of an rv can you finance. And I believe what we require to do much better from the United States' perspective is to develop that level of trust through a continuous sustained engagement with the region so that individuals can state, look, we do trust you. What is the difference between accounting and finance.

Mr. Duncan. I personally believe energy is a terrific opportunity for us, no doubt about that. Let me look into money laundering and terrorism financing a little 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 reduce cash laundering and opportunities for terrorist companies cancellation letters to access the monetary system? Which is most likely to Sally. Ms. Yearwood. In a great deal of ways it does the opposite, because when U.S. banks move out of the area timeshare regret what you have actually 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 chance for terrorist funding or something to fail and somebody to make use of that space. So I would say that the U.S. banks definitely need to be a key and crucial gamer in the regional money system. Mr. Duncan. I am most likely less concerned, and maybe I should not be, however less concerned about terrorism funding through the Caribbean banks as I have to do with cash laundering. How to finance building a home. We just saw in Panama, a big $800 million money laundering plan, property participation, big variety of staff members associated with a legitimate business-- still a cash laundering scheme.

Ms. Yearwood. Part of the issue is the perception of threat versus the truth of the threat. Banks are not leaving the Caribbean because there is cash laundering. Banks are leaving the Caribbean since the costs of compliance are extremely stacked versus the banking system. You have small jurisdictions and for each account that you are handling you need to put a substantial quantity of cash into making sure that the cost of-- that the services is tidy. However what we have to perform in effect is create a system where the regulators, the banks, everyone is working together, details is being shared, and when information is passed between the regulators and the Treasury or the regulators and the banks, individuals know where deep spaces are.

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And the issue in the Caribbean is that the economies are little, putting these systems in location costs a lot, however all the Caribbean will tell you that they satisfy the compliance policies. And so there is a disconnect in between what is actually taking place and what individuals are saying is occurring. I think among the typical grievances is the breakdown in between what is going on in offshore financial services and what is going on in banking. And the Panama Documents were really mostly linked to the offshore financial services market versus the reporter banking and de-risking issue that is presently being faced.

Mr. Duncan. I am presuming that the Federal Government is monitoring-- in Panama Papers a person is never ever implicated in that and start moving funds around, in potentially, the Caribbean country. I am assuming our Treasury and FBI are keeping an eye on that, I would assume. So I am going to proceed and accept the ranking member. Mr. Sires. One of the reasons that I supported, or I still support the export of energy from this nation is to balance out the influence of Venezuela due to the fact that basically they were utilizing it for political purpose. You know, if you take a look at the votes they took at the U.N.

So now Venezuela is in problem. I think their production is something like 40, half less, and there is a void there that we can help fill and, you know, we can really help in terms of just having a little bit more influence on individuals. The other thing that frets 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 just questioning how much of a competitive downside this puts us when we don't have, actually, an existence in the Eastern Caribbean.