So we will just 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 concerning, particularly Eastern Caribbean nations. So, I guess the question that I have is, all 6 countries of the Organization of Eastern Caribbean States are members of the Bolivarian Alliance referred to as ALBA, which includes efforts to promote regional cooperation and ease hardship; so to what extent have ALBA and Petrocaribe increased Venezuela's impact in the Caribbean? I think I can answer that question significantly.
Mr. Farnsworth. Mr. Chairman, thank you. And I agree it is the pregnant concern if you will of the area. Venezuela is a country that remains in collapse. Financially, some are stating it is no longer a democracy. It is a nation that has extreme and long lasting internal issues which it is going to take years to get beyond. And so, the relationship that Venezuela has actually developed with a number of countries of the Caribbean in good times has become stretched, because the largesse that Venezuela has had the ability to honestly distribute or to offer a concessionary on concessionary terms has actually been much constrained in the present environment.
I guess what I would state is in the present environment, since of the difficulties that Venezuela is having and honestly since of the opportunities that we have in the United States through the whole transformation of energy that we have actually seen in our own country over the last several 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 appropriate and we can provide the very same things that you need without the political or without the ideological overhang that you might have had formerly - Trade credit may be used to finance a major part of a firm's working capital when.
Duncan. Let me ask you something about that. Exists enough trust of the United States for us to enter that space with those countries? I do not know the response to that. Mr. Farnsworth. Well, I think in the existing environment we require to do some foundation. We require to do some spade work. I imply, look, Petrocaribe was a very successful program and we understand why. I indicate, it was prompt, it offered something that the leaders needed when they needed it. It was symbolic. It was very, really simple to discuss to people. I mean, we are getting oil from Venezuela.
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It was on one issue. And I believe often, when the United States engages with the countries of the Caribbean, we have a lot of well indicating programs and fantastic ideas, however they are watered down, right? Not misguided, but diluted in terms of the effort and the focus. Under Petrocaribe, it was one item quickly explained, extremely symbolic, and individuals stated Venezuela's our buddy - What credit score is needed to finance a car. And I think what we need to do better from the United States' perspective timeshare attorney near me is to build that level of trust through an ongoing continual engagement with the area so that individuals can say, look, we do trust you. What is a future in finance.
Mr. Duncan. I personally believe energy is a terrific chance for us, no doubt about that. Let me explore 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 organizations to access the monetary system? And that is probably to Sally. Ms. Yearwood. In a lot of ways it does the opposite, because once U.S. banks move out of the region what you have created in truth is a void and that becomes filled by other organizations.
So, what is being created 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 definitely require to be a key and important gamer in the regional cash system. Mr. Duncan. I am most likely less concerned, and perhaps I should not be, but less concerned about terrorism financing through the Caribbean monetary organizations as I am about money laundering. How do you finance a car. We simply saw in Panama, a big $800 Look at this website million money laundering scheme, realty involvement, substantial variety of staff members involved in a legitimate service-- still a money laundering plan.
Ms. Yearwood. Part of the issue is the understanding of threat versus the reality of the danger. Banks are not leaving the Caribbean since there is cash laundering. Banks are leaving the Caribbean due to the fact that the expenses of compliance are overwhelmingly stacked against the banking system. You have small jurisdictions and for every single account that you are dealing with you need to put a substantial amount of money into making certain that the cost of-- that the companies is tidy. But what we need to do in effect is create a system where the regulators, the banks, everybody is collaborating, details is being shared, and when info is passed in between the regulators and the Treasury or the regulators and the banks, people know 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 tell you that they fulfill the compliance policies. Therefore there is a detach between what is in fact taking place and what people are saying is taking place. 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 Papers were extremely largely linked to the offshore monetary services industry versus the correspondent banking and de-risking problem that is presently being faced.
Mr. Duncan. I am presuming that the Federal Government is keeping an eye on-- in Panama Papers an individual is never ever linked in that and start shifting financial resources around, in possibly, the Caribbean nation. I am assuming our Treasury and FBI are keeping track of that, I would assume. So I am going to go ahead and yield to the ranking member. Mr. Sires. Among 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 basically they were using it for political purpose. You understand, if you take a look at the votes they took at the U.N.
So now Venezuela remains in problem. I think their production is something like 40, half less, and there is a space there that we can assist fill and, you understand, https://charlieswvx391.hpage.com/post1.html we can actually assist in regards to just having a 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. On the other hand, 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 don't have, actually, a presence in the Eastern Caribbean.