So we will simply attempt to survive 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 trade and other things are really worrying, especially Eastern Caribbean countries. 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 called ALBA, that includes efforts to promote local cooperation and relieve hardship; so to what level have ALBA and Petrocaribe increased Venezuela's impact in the Caribbean? I think I can respond to that concern enormously.
Mr. Farnsworth. Mr. Chairman, thank you. And I agree it is the pregnant issue if you will of the region. Venezuela is a country that remains in collapse. Economically, some are saying 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. Therefore, the relationship that Venezuela has actually developed with a variety http://mariobpll074.bravesites.com/entries/general/how-what-can-you-do-with-a-finance-major-can-save-you-time-stress--and-money- of countries of the Caribbean in great times has actually ended up being stretched, because the largesse that Venezuela has had the ability to frankly give away or to supply a concessionary on concessionary terms has been much constrained in the current environment.
I think what I would state is in the existing environment, because of the problems that Venezuela is having and honestly since of the chances that we have in the United States through the whole revolution of energy that we have actually seen in our own nation over the last several years, we have an opportunity to come into the Caribbean as a partner and say, look, you know the programs and the activities that you might have been finishing with Venezuela are no longer pertinent and we can offer the same things that you need without the political or without the ideological overhang that you may have had formerly - What do you need to finance a car.
Duncan. Let me ask you something about that. Exists enough trust of the United States for us to step into that void with those countries? I do not understand the response to that. Mr. Farnsworth. Well, I believe in the current environment we require to do some groundwork. We require to do some spade work. I indicate, look, Petrocaribe was a really effective program and we comprehend why. I indicate, it was timely, it offered something that the leaders needed when they needed it. It was symbolic. It was very, really easy to explain to people. I mean, we are getting oil from Venezuela.
Which Of The Following Was Eliminated As A Result Of 2002 Campaign Finance Reforms? Can Be Fun For Anyone
It was on one problem. And I believe often, when the United States engages with the countries of the Caribbean, we have a great deal of well meaning programs and wonderful concepts, however they are diluted, right? Not deluded, however watered down in regards to the effort and the focus. Under Petrocaribe, it was one item quickly described, extremely symbolic, and individuals stated Venezuela's our friend - How old of a car will a bank 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 region so that individuals can state, look, we do trust you. What was the reconstruction finance corporation.
Mr. Duncan. I personally think energy is a terrific chance for us, no doubt about that. Let me explore money laundering and terrorism financing 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 decrease cash laundering and opportunities for terrorist companies to access the financial system? And that is most likely to Sally. Ms. Yearwood. In a great deal of ways it does the opposite, due to the fact that when U.S. banks move out of the region what you have actually created in truth is a space and that ends up being filled by other institutions.
So, what is being developed is a circumstance where there is more opportunity for terrorist funding or something to go wrong and somebody to exploit that void. So I would state that the U.S. banks absolutely require to be a key and crucial gamer in the regional money system. Mr. Duncan. I am probably less concerned, and perhaps I should not be, however less concerned about terrorism funding through the Caribbean banks as I am about money laundering. The trend in campaign finance law over time has been toward which the following?. We simply saw in Panama, a substantial $800 million money laundering scheme, property participation, huge variety of employees involved in a legitimate service-- still a money laundering plan.
Ms. Yearwood. Part of the concern is the perception of danger versus the truth of the risk. Banks are not leaving the Caribbean since there is cash laundering. Banks are leaving the Caribbean because the expenses of compliance are overwhelmingly stacked versus the banking system. You have small jurisdictions and for every account that you are handling you have to put a substantial quantity of cash into making sure that the expense of-- that the companies is clean. But what we need to do in impact is create a system where the regulators, the banks, everybody is collaborating, information is being shared, and when details is passed between the regulators and the Treasury or the regulators and the banks, people know where deep spaces are.
What Does Ria Stand For In Finance for Dummies
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 tell you that they meet the compliance regulations. And so there is a disconnect between what is in fact happening and what people are stating is occurring. I think among the typical complaints is the breakdown in between what is going on in overseas timeshare lawyers near me monetary services and what is going on in banking. And the Panama Documents were really largely connected to the offshore monetary services market versus the correspondent banking and de-risking concern that is currently being dealt with.
Mr. Duncan. I am presuming that the Federal Federal government is monitoring-- in Panama Documents an individual is never ever linked because and begin shifting monetary resources around, in possibly, the Caribbean country. I am assuming our Treasury and FBI are keeping an eye on that, I would assume. So I am going to proceed and accept the ranking member. Mr. Sires. Among the factors that I supported, or I still support the export of energy from this country is to balance out the impact of Venezuela because basically they were utilizing it for political function. You know, if you take a look at the votes they took at the U.N.
So now Venezuela remains in difficulty. I believe their production is something like 40, half less, and there is a void there that jessica ralph we can assist fill and, you know, we can truly help in regards to just having a little bit more influence on individuals. The other thing that worries me is that on the eastern part of the Caribbean. Essentially, 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 just questioning how much of a competitive disadvantage this puts us when we don't have, really, a presence in the Eastern Caribbean.