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[Donovan Carina]

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 concerning, particularly Eastern Caribbean countries. So, I think the question that I have is, all six countries of the Company of Eastern Caribbean States are members of the Bolivarian Alliance called ALBA, that includes efforts to promote local cooperation and ease hardship; so to what level have ALBA and Petrocaribe increased Venezuela's influence in the Caribbean? I believe I can respond to that question enormously.

Mr. Farnsworth. Mr. Chairman, thank you. And I agree it is the pregnant issue if you will of the area. Venezuela is a country that remains in collapse. Financially, some are saying 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. Therefore, the relationship that Venezuela has actually established with a number of nations of the Caribbean in good times has actually ended up being strained, since the largesse that Venezuela has been able to honestly hand out or to provide a concessionary on concessionary terms has actually been much constrained in the current environment.

I guess what I would state remains in the present environment, because of the troubles that Venezuela is having and frankly due to the fact that of the chances that https://andresggdf422.shutterfly.com/199 we have in the United States through the entire transformation of energy that we have actually 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 same things that you need without the political or without the ideological overhang that you may have had formerly - Accounting vs finance which is harder.

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 do not understand the response 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 suggest, look, Petrocaribe was a really successful program and we understand why. I imply, it was timely, it provided something that the leaders required when they needed it. It was symbolic. It was extremely, really easy to explain to people. I mean, we are getting oil from Venezuela.

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It was on one concern. And I think often, when the United States engages with the countries of the Caribbean, we have a great deal of well meaning programs and wonderful ideas, but they are diluted, right? Not misguided, however diluted in terms of the effort and the focus. Under Petrocaribe, it was one item easily explained, extremely symbolic, and people said Venezuela's our good friend - What does finance a car mean. And I think what we require to do much better from the United States' viewpoint is to develop that level of trust through a continuous sustained engagement with the region so that people can say, look, we do trust you. What happened to yahoo finance portfolios.

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 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 reduce money laundering and opportunities for terrorist organizations to access the financial system? Which is most likely to Sally. Ms. Yearwood. In a lot of ways it does the opposite, because when U.S. banks vacate the region what you have actually produced in fact is a space and that ends up being filled by other organizations.

So, what is being developed is a situation where there is more chance for terrorist financing or something to fail and somebody to exploit that void. So I would state that the U.S. banks absolutely need to be a key and important gamer in the regional cash system. Mr. Duncan. I am probably less concerned, and possibly I should not be, but less concerned about terrorism financing through Get more information the Caribbean banks as I have to do with money laundering. Which of the following can be described as involving direct finance. We just saw in Panama, a big $800 million cash laundering scheme, property participation, big variety of workers included in a genuine service-- still a cash laundering scheme.

Ms. Yearwood. Part of the problem is the understanding of risk versus the reality of the risk. Banks are not leaving the Caribbean since there is cash 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 account that you are handling you have to put a big quantity of cash into ensuring that the expense of-- that business is clean. However what we have to do in impact is develop a system where the regulators, the banks, everybody is working together, information is being shared, and when info is passed between the regulators and the Treasury or the regulators and the banks, people 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 place costs a lot, however all the Caribbean will tell you that they fulfill the compliance policies. And so there is a disconnect between what is in fact occurring and what people are stating is taking place. I believe one of the typical complaints is the breakdown between what is going on in offshore financial services and what is going on in banking. And the Panama Documents were very largely connected to the offshore financial services market versus the correspondent banking and de-risking concern that is presently being faced.

Mr. Duncan. I am presuming that the Federal Government is keeping track of-- in Panama Documents an individual is never are there any good timeshares ever linked because and start moving funds around, in possibly, the Caribbean nation. I am assuming our Treasury and FBI are keeping an eye on that, I would assume. So I am going to proceed and yield to 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 offset the impact of Venezuela because basically they were using it for political function. You know, if you look at the votes they took at the U.N.

So now Venezuela is in difficulty. I think their production is something like 40, 50 percent less, and there is a void there that we can help fill and, you know, we can really assist in regards to simply having a little bit more affect on people. The other thing that frets 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 a presence there. So I was simply wondering just how much of a competitive disadvantage this puts us when we do not have, truly, an existence in the Eastern Caribbean.