So we will just attempt to make it through it and I will try 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 extremely worrying, especially Eastern Caribbean nations. 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 referred to as ALBA, that includes efforts to promote local cooperation and minimize poverty; so to what degree have ALBA and Petrocaribe increased Venezuela's influence in the Caribbean? I think I can address that question greatly.
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 remains in collapse. Financially, some are saying it is no longer a democracy. It is a nation that has serious and long lasting internal issues which it is going to take years to get beyond. Therefore, the relationship that Venezuela has developed with a variety of nations of the Caribbean in great times has actually become strained, due to the fact that the largesse that Venezuela has been able to honestly distribute or to provide a concessionary on concessionary terms has been much constrained in the existing environment.
I guess what I would say remains in the current environment, due to the fact that of the problems that Venezuela is having and honestly since of the opportunities that we have in the United States through the entire transformation of energy that we have seen in our own country over the last a number of years, we have an opportunity to come into the Caribbean as a partner and say, look, you understand the programs and the activities that you may have been doing with Venezuela are no longer appropriate and we can supply the exact same things that you need without the political or without the ideological overhang that you might have had previously - Which of these arguments might be used by someone who supports strict campaign finance laws?.
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 know the answer to that. Mr. Farnsworth. Well, I believe in the current environment we need to do some foundation. We require to do some spade work. I imply, look, Petrocaribe was an extremely successful program and we understand why. I imply, it was prompt, it supplied something that the leaders required when they required it. It was symbolic. It was really, extremely easy to explain to people. I suggest, we are getting oil from Venezuela.
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It was on one problem. And I believe in some cases, when the United States engages with the nations of the Caribbean, we have a lot of well indicating programs and fantastic concepts, but they are diluted, right? Not deluded, however diluted in terms of the effort and the focus. Under Petrocaribe, it was one product quickly described, extremely symbolic, and individuals said Venezuela's our buddy - What can i do with a degree in finance. And I think what we require to do better from the United States' viewpoint is to build that level of trust through a continuous sustained engagement with https://rowanlatw.bloggersdelight.dk/2022/04/17/getting-the-what-is-internal-rate-of-return-in-finance-to-work/ the area so that individuals can state, look, we do trust you. How to finance an investment property.
Mr. Duncan. I personally think energy is a great opportunity for us, no doubt about that. Let me explore money laundering and terrorism financing a bit. There is a huge push by the U.S. to have U.S. banks sever relationship with Caribbean-based banking organizations. Does that policy work to minimize cash laundering and chances for terrorist organizations to access the monetary system? Which is probably to Sally. Ms. Yearwood. In a great deal of ways it does the opposite, because when U.S. banks vacate the region what you have actually developed in truth is a space and that becomes filled by other organizations.
So, what is being developed is a situation where there is more chance for terrorist funding or something to fail and somebody to exploit that void. So I would say that the U.S. banks definitely require to be an essential and vital gamer in the regional money system. Mr. Duncan. I am most likely less concerned, and perhaps I shouldn't be, however less worried about terrorism funding through the Caribbean banks as I am about cash laundering. How to finance a house flip. We simply saw in Panama, a big $800 million money laundering scheme, genuine estate participation, substantial number of staff members involved in a legitimate business-- still a money laundering plan.
Ms. Yearwood. Part of the issue is the perception of threat versus the truth of the danger. Banks are not leaving the Caribbean due to the fact that there is money laundering. Banks are leaving the what happens to timeshare property upon death Caribbean due to the fact that the expenses of compliance are overwhelmingly stacked versus the banking system. You have small jurisdictions and for every single account that you are dealing with you have to put a huge quantity of cash into making sure that the cost of-- that the companies is clean. However what we have to do in impact is create a system where the regulators, the banks, everyone is working together, info is being shared, and when details 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, however all the Hop over to this website Caribbean will inform you that they satisfy the compliance regulations. Therefore there is a disconnect in between what is actually happening and what people are saying is occurring. I believe among the typical complaints is the breakdown in between what is going on in offshore monetary services and what is going on in banking. And the Panama Papers were really mainly linked to the overseas monetary services industry versus the correspondent banking and de-risking issue that is currently being faced.
Mr. Duncan. I am assuming that the Federal Federal government is monitoring-- in Panama Papers a person is never ever implicated because 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 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 influence of Venezuela due to the fact that basically they were using it for political function. You know, if you take a look at the votes they took at the U.N.
So now Venezuela is in trouble. I believe their production is something like 40, half less, and there is a space there that we can help fill and, you know, we can really help in terms of simply having a bit more affect on individuals. 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 just wondering just how much of a competitive disadvantage this puts us when we do not have, really, a presence in the Eastern Caribbean.