So we will simply try to get through it and I will attempt to monitor it. All eyes are on Venezuela right now, and Venezuela's effect on the Caribbean nations from energy to trade and other things are really worrying, particularly Eastern Caribbean nations. So, I guess timeshare freebies 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, that includes efforts to promote local cooperation and minimize poverty; so to what level have ALBA and Petrocaribe increased Venezuela's impact in the Caribbean? I believe I can answer that concern enormously.

Mr. Farnsworth. Mr. Chairman, thank you. And I concur it is the pregnant problem if you will of the region. Venezuela is a nation that is in collapse. Financially, some are saying it is no longer a democracy. It is a nation that has severe and enduring internal problems which it is going to take years to get beyond. Therefore, the relationship that Venezuela has developed with a number of countries of the Caribbean in good times has actually ended up being stretched, because the largesse that Venezuela has actually been able to frankly distribute or to supply a concessionary on concessionary terms has actually been much constrained in the existing environment.

I guess what I would say remains in the present environment, because of the problems that Venezuela is having and honestly due to the fact that of the opportunities that we have in the United States through the entire revolution 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 state, look, you understand can i sell my timeshare back to the resort the programs and the activities that you might have been doing with Venezuela are no longer relevant and we can offer the exact same things that you need without the political or without the ideological overhang that you cancel your timeshare might have had formerly - How old of an rv can you finance.

Duncan. Let me ask you something about that. Exists enough trust of the United States for us to step into that space with those nations? I don't understand the answer to that. Mr. Farnsworth. Well, I think in the existing environment we require to do some foundation. We need to do some spade work. I suggest, look, Petrocaribe was an extremely successful program and we understand why. I suggest, it was timely, it offered something that the leaders required when they required it. It was symbolic. It was very, really simple to explain to people. I suggest, we are getting oil from Venezuela.

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It was on one concern. And I think in some cases, when the United States engages with the nations of the Caribbean, we have a lot of well implying programs and fantastic ideas, but they are watered down, right? Not deluded, but watered down in regards to the effort and the focus. Under Petrocaribe, it was one item easily discussed, extremely symbolic, and people stated Venezuela's our good friend - What jobs can i get with a finance degree. And I believe what we require to do much better from the United States' perspective is to construct that level of trust through an ongoing continual engagement with the region so that people can state, look, we do trust you. How to become a finance manager at a car dealership.

Mr. Duncan. I personally think energy is an excellent opportunity for us, no doubt about that. Let me explore cash laundering and terrorism funding 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 money laundering and chances for terrorist companies to access the monetary system? Which is probably to Sally. Ms. Yearwood. In a great deal of methods it does the opposite, since when U.S. banks vacate the region what you have actually developed in reality is a space which becomes filled by other institutions.

So, what is being produced is a circumstance where there is more opportunity for terrorist funding 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 essential gamer in the local cash system. Mr. Duncan. I am most likely less concerned, and possibly I should not be, however less concerned about terrorism funding through the Caribbean banks as I am about money laundering. What can i do with a degree in finance. We just saw in Panama, a big $800 million cash laundering plan, realty participation, substantial variety of staff members included in a genuine business-- still a cash laundering plan.

Ms. Yearwood. Part of the concern is the perception of threat versus the reality of the risk. Banks are not leaving the Caribbean since there is money laundering. Banks are leaving the Caribbean because the costs of compliance are overwhelmingly stacked against the banking system. You have small jurisdictions and for each account that you are dealing with you have to put a substantial quantity of cash into making sure that the expense of-- that business is clean. But what we need to do in impact is produce a system where the regulators, the banks, everybody is collaborating, details is being shared, and when details 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 little, putting these systems in place costs a lot, however all the Caribbean will inform you that they fulfill the compliance regulations. And so there is a disconnect in between what is actually taking place and what individuals are saying is occurring. I believe one of the common complaints 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 very largely connected to the offshore financial services industry versus the reporter banking and de-risking concern that is currently being faced.

Mr. Duncan. I am presuming that the Federal Federal government is keeping an eye on-- in Panama Documents an individual is never ever implicated in that and begin moving monetary resources 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 accept the ranking member. Mr. Sires. Among the factors that I supported, or I still support the export of energy from this nation is to offset the influence of Venezuela because generally they were utilizing it for political function. You understand, if you take a look at the votes they took at the U.N.

So now Venezuela remains in trouble. I think their production is something like 40, half less, and there is a space there that we can assist fill and, you understand, we can truly help 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. Generally, 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 questioning how much of a competitive disadvantage this puts us when we do not have, really, a presence in the Eastern Caribbean.