So we will just attempt to make it 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 very concerning, especially Eastern Caribbean nations. So, I think 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 regional cooperation and reduce 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 concern if you will of the region. Venezuela is a country that remains in collapse. Financially, some are stating it is no longer a democracy. It is a country that has serious and long lasting internal problems which it is going to take years to get beyond. Therefore, the relationship that Venezuela has established with a variety of nations of the Caribbean in good times has ended up being stretched, because the largesse that Venezuela has been able to honestly provide away or to offer a concessionary on concessionary terms has been much constrained in the present environment.
I guess what I would say is in the current environment, since of the troubles that Venezuela is having and frankly because of the opportunities that we have in the United States through the whole transformation of energy that we have actually 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 understand the programs and the activities that you may have been making with Venezuela are no longer relevant and we can provide the same things that you require without the political or without the ideological overhang that you might have had formerly - How many years can you finance a boat.
Duncan. Let me ask you something about that. Is there enough trust of the United States for us to enter that void with those countries? I don't know the response to that. Mr. Farnsworth. Well, I believe in the present environment we need to do some foundation. We require to do some spade work. I imply, look, Petrocaribe was an extremely effective program and we comprehend why. I suggest, it was timely, it supplied something that the leaders required when they needed it. It was symbolic. It was extremely, really simple to describe to individuals. I indicate, 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 terrific concepts, but they are watered down, right? Not deluded, but diluted in terms of the effort and the focus. Under Petrocaribe, it was one item quickly explained, highly symbolic, and individuals said Venezuela's our buddy - What credit score is needed to finance a car. And I think what we need to do better from the United States' viewpoint is to develop that level of trust through a continuous continual engagement with the area so that individuals can state, look, we do trust you. What is a swap in finance.
Mr. Duncan. I personally believe energy is a terrific opportunity for us, no doubt about that. Let me look into money laundering and terrorism financing a little 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 lower cash laundering and opportunities for terrorist organizations to access the financial system? And that is most likely to Sally. Ms. Yearwood. In a lot of ways it does the opposite, because when U.S. banks move out of the area what you have produced in truth is a space and that becomes filled by other organizations.
So, what is being created is a situation where there is more opportunity for terrorist financing or something to go wrong Click for more and someone to exploit that void. So I would state that the U.S. banks definitely need to be a key and crucial player in the regional money system. Mr. Duncan. I am probably less concerned, and maybe I should not be, but less worried about terrorism funding through the Caribbean banks as I am about cash laundering. Why are you interested in finance. We just saw in Panama, a huge $800 million cash laundering scheme, property involvement, big variety of employees associated with a genuine company-- still a money laundering plan.
Ms. Yearwood. Part of the issue 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 due to the fact that the expenses of compliance are extremely stacked versus the banking system. You have little jurisdictions and for every account that you are handling you have to put a big amount of cash into ensuring that the expense of-- timeshare lawyers in california that business is clean. However what we need to carry out in result is create a system where the regulators, the banks, everyone is working together, info is being shared, and when information is passed between the regulators and the Treasury or the regulators and the banks, individuals understand where the spaces 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 Caribbean will inform you that they meet the compliance guidelines. And so there is a detach between what is really happening and what individuals are saying is occurring. I believe among 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 extremely largely linked to the overseas monetary services market versus the correspondent banking and de-risking problem that is currently being faced.
Mr. Duncan. I am presuming that the Federal Federal government is monitoring-- in Panama Documents a person is never ever implicated in that and begin shifting funds around, in possibly, the Caribbean nation. I am presuming our Treasury and FBI are monitoring that, I would presume. So I am going to go on and accept the ranking member. Mr. Sires. Among the reasons that I supported, or I still support the export of energy from this nation is to balance out the impact of Venezuela because basically 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 difficulty. I think their production is something like 40, half less, and there is a void there that we can help fill and, you know, we can really help in terms of just having a bit more influence on people. The other thing that frets 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 questioning how much of a competitive downside this puts us when we do not have, truly, an existence in the Eastern Caribbean.