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So we will just try to make it through it and I will attempt to monitor it. All eyes are on Venezuela today, and Venezuela's effect on the Caribbean nations from energy to trade and other things are really concerning, especially Eastern Caribbean countries. So, I think the question that I have is, all 6 nations of the Company of Eastern Caribbean States are members of the Bolivarian Alliance called ALBA, that includes efforts to promote local cooperation and minimize hardship; so to what degree have ALBA and Petrocaribe increased Venezuela's influence in the Caribbean? I believe I can address that question greatly.

Mr. Farnsworth. Mr. Chairman, thank you. And I agree it is the pregnant concern if you will of the area. Venezuela is a nation that remains in collapse. Financially, some are saying it is no longer a democracy. It is a country that has severe and enduring internal problems 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 excellent times has become stretched, because the largesse that Venezuela has actually been able to honestly give away or to supply a concessionary on concessionary terms has actually been much constrained in the current environment.

I guess what I would state is in the current environment, because of the problems that Venezuela is having and frankly because of the opportunities 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 state, look, you understand the programs and the activities that you might have been making with Venezuela are no longer appropriate and we can supply the exact same things that you require without the political or without the ideological overhang that you may have had formerly - How to find the finance charge.

Duncan. Let me ask you something about that. Exists enough trust of the United States for us to enter that void with those countries? I don't know the response to that. Mr. Farnsworth. Well, I think in the existing environment we need to do some groundwork. We require to do some spade work. I suggest, look, Petrocaribe was a really successful program and we comprehend why. I indicate, it was timely, it provided something that the leaders needed when they required it. It was symbolic. It was very, really easy 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 have a great deal of well suggesting programs and wonderful concepts, however they are diluted, right? Not deluded, however diluted in regards to the effort and the focus. Under Petrocaribe, it was one item easily discussed, highly symbolic, and people said Venezuela's our buddy - How to find the finance charge. And I believe what we need to do much better from the United States' perspective is to develop that level of trust through an ongoing continual engagement with the region so that individuals can state, look, we do trust you. What happened to household finance corporation.

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 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 minimize cash laundering and chances for terrorist companies to access the monetary system? And that is probably to Sally. Ms. Yearwood. In a great deal of methods it does the opposite, because when U.S. banks vacate the area what you have developed in truth is a void and that becomes filled by other institutions.

So, wfg rate calculator what is being produced is a scenario where there is more chance for terrorist financing or something to fail and somebody to make use of that space. So I would say that the U.S. banks definitely require to be a crucial and vital gamer in the regional cash system. Mr. Duncan. I am most likely less concerned, and maybe I shouldn't be, but less worried about terrorism financing through the Caribbean banks as I have to do with cash laundering. How old of a car will a bank finance. We simply saw in Panama, a substantial $800 million cash laundering scheme, property participation, big number of staff members involved in a legitimate company-- still a money laundering plan.

Ms. Yearwood. Part of the concern is the understanding of threat versus the truth of the threat. Banks are not leaving the Caribbean since there is cash laundering. Banks are leaving the Caribbean due to the fact that the costs of compliance are overwhelmingly stacked versus the banking system. You have small jurisdictions and for each account that you are handling you have to put a huge quantity of money http://israelawwk424.yousher.com/the-8-minute-rule-for-what-does-beta-measure-in-finance into ensuring that the expense of-- that business is clean. However what we have to carry out in result is develop a system where the regulators, the banks, everyone is working together, details is being shared, and when info 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 problem in the Caribbean is that the economies are small, putting these systems in location costs a lot, but all the Caribbean will inform you that they fulfill the compliance policies. And so there is a detach between what is in fact happening and what individuals are stating is happening. I believe one of the common grievances 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 mainly connected to the overseas financial services industry versus the correspondent banking and de-risking issue that is currently being faced.

Mr. Duncan. I am presuming that the Federal Government is keeping track of-- in Panama Papers an individual is never ever linked because and begin shifting monetary resources around, in perhaps, the Caribbean nation. I am assuming our Treasury and FBI are monitoring that, I would presume. So I am going to proceed and accept 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 balance out the impact of Venezuela because essentially they were using 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 believe their production is something like 40, 50 percent less, and there is a void there that we can help fill and, you understand, we can truly help in terms of simply having a little bit more influence on people. 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. Meanwhile, you have Venezuela, Cuba, Brazil, they all have a presence there. So I was just wondering just how much of a competitive drawback this puts us when we do not have, really, a presence in the Eastern Caribbean.