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 countries from energy to trade and other things are very concerning, specifically Eastern Caribbean nations. So, I guess the question that I have is, all 6 nations of the Company of Eastern Caribbean States are members of the Bolivarian Alliance referred to as ALBA, that includes efforts to promote regional cooperation and relieve hardship; so to what degree have ALBA and Petrocaribe increased Venezuela's influence in the Caribbean? I believe I can respond to that question greatly.

Mr. Farnsworth. Mr. Chairman, thank you. And I agree it is the pregnant problem if you will of the area. Venezuela is a nation that is in collapse. Financially, some are stating it is no longer a democracy. It is a country that has severe and enduring internal issues which it is going to take years to get beyond. And so, the relationship that Venezuela has actually established with a number of nations of the Caribbean in excellent times has become stretched, due to the fact that the largesse that Venezuela has actually been able to honestly give away or to provide a concessionary on concessionary terms has actually been much constrained in the current environment.

I guess what I would say remains in the existing environment, due to the fact that of the troubles that Venezuela is having and frankly due to the fact that of the opportunities that we have in the United States through the how time shares work whole transformation of energy that we have seen in our own nation over the last numerous years, we have a chance to come into the Caribbean as a partner and state, look, you understand the programs and the activities that you might have been doing with Venezuela are no longer appropriate and we can supply the same things that you require without the political or without the ideological overhang that you may have had previously - How to finance a house flip.

Duncan. Let me ask you something about that. Exists enough trust of the United States for us to step into that void with those nations? I don't know the response to that. Mr. Farnsworth. Well, I think in the current environment we need to do some groundwork. We need to do some spade work. I suggest, look, Petrocaribe was an extremely effective program and we comprehend why. I indicate, it equiant financial services timeshare was prompt, it provided something that the leaders required when they needed it. It was symbolic. It was really, very simple to discuss to people. I mean, we are getting oil from Venezuela.

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It was on one concern. And I believe often, when the United States engages with the nations of the Caribbean, we have a lot of well indicating programs and wonderful concepts, however they are watered down, right? Not misguided, however diluted in regards to the effort and the focus. Under Petrocaribe, it was one product easily described, extremely symbolic, and individuals stated Venezuela's our friend - How to finance a car from a private seller. And I believe what we need to do much better from the United States' viewpoint is to develop that level of trust through an ongoing continual engagement with the area so that individuals can state, look, we do trust you. What does ach stand for in finance.

Mr. Duncan. I personally think energy is a fantastic opportunity for us, no doubt about that. Let me dig into cash laundering and terrorism funding a little bit. There is a big push by the U.S. to have U.S. banks sever relationship with Caribbean-based banking institutions. Does that policy work to reduce cash laundering and chances for terrorist companies to access the financial system? And that is probably to Sally. Ms. Yearwood. In a great deal of ways it does the opposite, due to the fact that once U.S. banks vacate the area what you have actually created in truth is a void which becomes filled by other organizations.

So, what is being produced is a situation where there is more opportunity for terrorist funding or something to fail and someone to make use of that space. So I would state that the U.S. banks definitely require to be an essential and crucial player in the regional cash system. Mr. Duncan. I am most likely less concerned, and perhaps I should not be, but less concerned about terrorism funding through the Caribbean banks as I have to do with money laundering. What do you need to finance a car. We simply saw in Panama, a substantial $800 million cash laundering plan, genuine estate involvement, huge variety of workers associated with a legitimate company-- still a cash laundering scheme.

Ms. Yearwood. Part of the issue is the perception of risk versus the truth 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 costs of compliance are overwhelmingly stacked versus the banking system. You have little jurisdictions and for each account that you are dealing with you have to put a substantial amount of cash into making sure that the cost of-- that business is tidy. But what we need to perform in result is produce a system where the regulators, the banks, everyone is working together, information is being shared, and when details is passed in 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 meet the compliance guidelines. And so there is a detach between what is in fact occurring and what people are saying is happening. I think among the common problems 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 extremely mostly linked to the overseas financial services market versus the reporter banking and de-risking issue 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 ever implicated in that and start moving funds around, in possibly, the Caribbean nation. I am presuming our Treasury and FBI are keeping an eye on that, I would presume. So I am going to http://cashynyb327.image-perth.org/not-known-facts-about-which-results-are-more-likely-for-someone-without-personal-finance-skills-check-all-that-apply go on 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 nation is to balance out the influence of Venezuela since generally they were utilizing it for political purpose. You know, if you look at the votes they took at the U.N.

So now Venezuela is in problem. I think their production is something like 40, 50 percent less, and there is a space there that we can help fill and, you understand, we can really help in regards to simply having a bit more influence on individuals. The other thing that worries me is that on the eastern part of the Caribbean. Generally, we have an Embassy in Barbados and it serves all those islands there. Meanwhile, you have Venezuela, Cuba, Brazil, they all have an existence there. So I was simply questioning how much of a competitive disadvantage this puts us when we do not have, truly, a presence in the Eastern Caribbean.