So we will simply attempt to make it through it and I will attempt to monitor it. All eyes are on Venezuela right now, and Venezuela's influence on The original source the Caribbean countries from energy to trade and other things are extremely 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 known as ALBA, that includes efforts to promote local cooperation and minimize poverty; so to what extent have ALBA and Petrocaribe increased Venezuela's influence in the Caribbean? I believe I can address 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 is in collapse. Financially, some are stating it is no longer a democracy. It is a country that has serious and enduring internal issues which it is going to take years to get beyond. Therefore, the relationship that Venezuela has established with a variety of countries of the Caribbean in excellent times has timeshare relief ended up being stretched, since the largesse that Venezuela has been able to frankly hand out or to provide a concessionary on concessionary terms has been much constrained in the present environment.
I think what I would state is in the current environment, due to the fact that of the troubles that Venezuela is having and frankly because of the chances that we have in the United States through the whole revolution of energy that we have seen in our own nation over the last a number of years, we have an opportunity to come into the Caribbean as a partner and state, look, you know the programs and the activities that you might have been making with Venezuela are no longer relevant and we can offer the very same things that you need without the political or without the ideological overhang that you may have had formerly - How long can you finance a used car.
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 do not understand the answer to that. Mr. Farnsworth. Well, I think in the existing environment we need to do some foundation. We require to do some spade work. I mean, look, Petrocaribe was an extremely effective program and we understand why. I mean, it was prompt, it offered something that the leaders needed when they required it. It was symbolic. It was really, really simple to discuss to individuals. I imply, we are getting oil from Venezuela.
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It was on one concern. And I believe in some cases, when the United States engages with the countries of the Caribbean, we have a great deal of well implying programs and wonderful ideas, however they are watered down, right? Not deluded, but diluted in terms of the effort and the focus. Under Petrocaribe, it was one product easily described, highly symbolic, and individuals said Venezuela's our pal - Why are you interested in finance. And I believe what we need to do better from the United States' point of view is to build that level of trust through a continuous continual engagement with the area so that individuals can state, look, we do trust you. Which of these arguments might be used by someone who supports strict campaign finance laws?.
Mr. Duncan. I personally think energy is a fantastic opportunity for us, no doubt about that. Let me delve into money 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 minimize cash laundering and opportunities for terrorist companies to access the financial system? And that is probably to Sally. Ms. Yearwood. In a great deal of methods it does the opposite, because once U.S. banks move out of the region what you have developed in fact is a void which ends up being filled by other organizations.
So, what is being developed is a scenario where there is more chance for terrorist funding or something to fail and somebody to make use of that space. So I would say that the U.S. banks definitely need to be a crucial and important gamer in the local money system. Mr. Duncan. I am probably less concerned, and maybe I should not be, but less worried about terrorism funding through the Caribbean monetary institutions as I am about money laundering. Which results are more likely for someone without personal finance skills? Check all that apply.. We just saw in Panama, a substantial $800 million cash laundering plan, property involvement, substantial variety of staff members associated with a genuine organization-- still a money laundering scheme.
Ms. Yearwood. Part of the issue is the understanding of danger versus the reality of the risk. Banks are not leaving the Caribbean due to the fact that there is money laundering. Banks are leaving the Caribbean since the costs of compliance are extremely stacked against the banking system. You have little jurisdictions and for every single account that you are handling you have to put a substantial quantity of cash into making certain that the expense of-- that the companies is tidy. However what we need to do in impact is produce a system where the regulators, the banks, everybody is working together, info is being shared, and when details is passed between the regulators and the Treasury or the regulators and the banks, individuals understand where deep spaces are.
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And the issue in the Caribbean is that the economies are small, putting these systems in place costs a lot, however all the Caribbean will inform you that they satisfy the compliance regulations. And so there is a detach in between what is really happening and what individuals are saying is happening. I believe one of the typical problems is the breakdown between what is going on in overseas monetary 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 concern that is presently being faced.
Mr. Duncan. I am presuming that the Federal Federal government is keeping track of-- in Panama Papers an individual is never ever linked in that and begin moving monetary resources around, in potentially, the Caribbean country. I am assuming our Treasury and FBI are keeping an eye on that, I would presume. So I am going to proceed and accept the ranking member. Mr. Sires. One of the factors that I supported, or I still support the export of energy from this country is to offset the impact of Venezuela due to the fact that basically they were utilizing it for political function. You know, if you look at the votes they took at the U.N.
So now Venezuela remains in problem. I believe their production is something like 40, 50 percent less, and there is a void there that we can help fill and, you understand, we can really assist in regards to just having a little bit more affect on individuals. 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. Meanwhile, you have Venezuela, Cuba, Brazil, they all have an existence there. So I was just wondering how much of a competitive downside this puts us when we don't have, actually, a presence in the Eastern Caribbean.