So we will simply try to make it through it and I will try to monitor it. All eyes are on Venezuela today, and Venezuela's influence on the Caribbean nations from energy to wfg online com login trade and other things are really worrying, specifically Eastern Caribbean countries. So, I think the question that I have is, all 6 countries of the Organization of Eastern Caribbean States are members of the Bolivarian Alliance understood as ALBA, that includes efforts to promote regional cooperation and relieve poverty; so to what degree have ALBA and Petrocaribe increased Venezuela's influence in the Caribbean? I think I can answer that concern greatly.
Mr. Farnsworth. Mr. Chairman, thank you. And I agree it is the pregnant problem if you will of the area. Venezuela is a country that remains in collapse. Economically, some are saying it is no longer a democracy. It is a nation that has severe and long lasting internal problems which it is going to take years to get beyond. Therefore, the relationship that Venezuela has actually developed with a number of countries of the Caribbean in excellent times has actually ended up being strained, due to the fact that the largesse that Venezuela has had the ability to frankly hand out or to offer a concessionary on concessionary terms has been much constrained in the current environment.
I guess what I would say remains in the existing environment, because of the troubles that Venezuela is having and frankly due to the fact that of the chances that we have in the United States through the entire transformation of energy that we have seen in our own country over the last numerous years, we have a chance to come into the Caribbean as a partner and say, look, you know the programs and the activities that you may have been finishing with Venezuela are no longer pertinent and we can provide the exact same things that you need without the political or without the ideological overhang that you might have had previously - How old of an rv can you finance.
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 don't understand the response to that. Mr. Farnsworth. Well, I believe in the existing environment we need to do some foundation. We require to do some spade work. I indicate, look, Petrocaribe was a very successful program and we comprehend why. I mean, it was prompt, it provided something that the leaders needed when they required it. It was symbolic. It was really, really simple to discuss to people. I suggest, we are getting oil from Venezuela.
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It was on one problem. And I believe often, when the United States engages with the nations of the Caribbean, we have a lot of well indicating programs and terrific concepts, but they are diluted, right? Not deluded, however watered down in regards to the effort and the focus. Under Petrocaribe, it was one product quickly explained, extremely symbolic, and individuals said Venezuela's our good friend - What jobs can i get with a finance degree. And I believe what we need to do much better from the United States' perspective is to construct that level of trust through an ongoing sustained engagement with the region so that people can say, look, we do trust you. How long can i finance a used car.
Mr. Duncan. I personally think energy is a great chance for us, no doubt about that. Let me dig into cash 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 decrease cash laundering and opportunities for terrorist organizations to access the monetary system? And that is probably to Sally. Ms. Yearwood. In a great deal of methods it does the opposite, due to the fact that once U.S. banks vacate the region what you have created in fact is a space which ends up being filled by other institutions.
So, what is being developed is a situation where there is more opportunity for terrorist funding or something to go wrong and someone to make use of that space. So I would state that the U.S. banks absolutely need to be a crucial and vital player in the regional cash system. Mr. Duncan. I am probably less concerned, and perhaps You can find out more http://juliusrkzb954.almoheet-travel.com/all-about-what-does-apy-stand-for-in-finance I should not be, however less concerned about terrorism funding through the Caribbean banks as I am about money laundering. How to finance an engagement ring. We simply saw in Panama, a huge $800 million cash laundering plan, real estate involvement, big number of workers included in a legitimate business-- still a cash laundering plan.
Ms. Yearwood. Part of the concern is the perception of danger versus the reality of the risk. Banks are not leaving the Caribbean since there is money laundering. Banks are leaving the Caribbean since the costs of compliance are overwhelmingly stacked versus the banking system. You have little jurisdictions and for each account that you are handling you need to put a big quantity of money into making sure that the expense of-- that the companies is tidy. However what we need to perform in effect is create a system where the regulators, the banks, everybody is collaborating, info is being shared, and when information is passed between the regulators and the Treasury or the regulators and the banks, people 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 place costs a lot, but all the Caribbean will inform you that they meet the compliance guidelines. And so there is a disconnect in between what is really happening and what individuals are stating is taking place. I think one of the common problems is the breakdown between what is going on in overseas monetary services and what is going on in banking. And the Panama Papers were really mostly connected to the overseas financial services market versus the correspondent banking and de-risking problem that is currently being faced.
Mr. Duncan. I am presuming that the Federal Federal government is keeping an eye on-- in Panama Papers a person is never ever linked in that 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 go on and yield to the ranking member. Mr. Sires. Among the reasons that I supported, or I still support the export of energy from this country is to balance out the impact of Venezuela since generally they were using it for political purpose. You know, if you look at the votes they took at the U.N.
So now Venezuela remains in trouble. I believe their production is something like 40, 50 percent less, and there is a space there that we can assist fill and, you know, we can really assist in terms of just having a little bit more influence on people. The other thing that worries 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 simply questioning just how much of a competitive downside this puts us when we don't have, actually, a presence in the Eastern Caribbean.