So we will simply attempt to get through it and I will try to monitor it. All eyes are on Venezuela today, and Venezuela's effect on the Caribbean nations from energy to trade and other things are really worrying, especially Eastern Caribbean countries. So, I think the concern that I have is, all six countries of the Company of Eastern Caribbean States are members of the Bolivarian Alliance called ALBA, that includes efforts to promote local cooperation and ease poverty; so to what degree have ALBA and Petrocaribe increased Venezuela's impact in the Caribbean? I believe I can answer that question enormously.
Mr. Farnsworth. Mr. Chairman, thank you. And I agree it is the pregnant concern if you will of the area. Venezuela is a nation that remains in collapse. Economically, some are saying it is no longer a democracy. It is a nation that has serious and lasting internal issues which it is going to take years to get beyond. And so, the relationship that Venezuela has developed with a number of countries of the Caribbean in excellent times has ended up being strained, because the largesse that Venezuela has actually been able to honestly provide away or to provide a concessionary on concessionary terms has been much constrained in the existing environment.
I guess what I would state is 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 whole transformation of energy that we have actually seen in our own country 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 may have been making with Venezuela are no longer pertinent and we can provide the very same things that you require without the political or without the ideological overhang that you might have had formerly - 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 countries? I don't know the answer to that. Mr. Farnsworth. what happens if your timeshare goes out of business Well, I believe in the current environment we need to do some groundwork. We require to do some spade work. I indicate, look, Petrocaribe was a really successful program and we comprehend why. I indicate, it was timely, it provided something that the leaders required when Additional reading they required it. It was symbolic. It was extremely, really simple to describe to individuals. I imply, we are getting oil from Venezuela.
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It was on one problem. And I believe often, when the United States engages with the countries of the Caribbean, we have a lot of well suggesting programs and terrific concepts, however they are diluted, right? Not deluded, however diluted in terms of the effort and the focus. Under Petrocaribe, it was one product quickly discussed, extremely symbolic, and people stated Venezuela's our buddy - What is a consumer finance account. And I think 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. What happened to yahoo finance portfolios.
Mr. Duncan. I personally think energy is a great chance for us, no doubt about that. Let me look into cash 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 institutions. Does that policy work to minimize cash laundering and chances for terrorist companies to access the financial system? Which is probably to Sally. Ms. Yearwood. In a lot of ways it does the opposite, since when U.S. banks vacate the region what you have actually produced in truth is a void and that becomes filled by other organizations.
So, what is being produced is a scenario where there is more chance 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 need to be an essential and essential player in the local money system. Mr. Duncan. I am most likely less worried, and possibly I should not be, but less concerned about terrorism financing through the Caribbean banks as I have to do with money laundering. How to owner finance a home. We just saw in Panama, a substantial $800 million money laundering plan, property participation, huge number of employees associated with a legitimate service-- still a cash 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 cash laundering. Banks are leaving the Caribbean since the costs of compliance are extremely 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 money into making certain that the expense of-- that business is clean. But what we need to carry out in effect is produce a system where the regulators, the banks, everyone is interacting, information is being shared, and when info is passed between the regulators and the Treasury or the regulators and the banks, individuals understand where the voids 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, however all the Caribbean will tell you that they satisfy the compliance policies. And so there is a disconnect in between what is actually occurring and what individuals are stating is taking place. I believe among the common problems is the breakdown between what is going on in offshore monetary services and what is going on in banking. And the Panama Papers were very mainly connected to the offshore financial services industry versus the reporter banking and de-risking issue that is currently being dealt with.
Mr. Duncan. timeshare exit attorneys near me I am presuming that the Federal Government is monitoring-- in Panama Papers an individual is never ever implicated because and start shifting funds around, in possibly, the Caribbean country. I am assuming our Treasury and FBI are keeping track of that, I would assume. So I am going to proceed 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 impact of Venezuela since basically they were using it for political purpose. You know, if you look at the votes they took at the U.N.
So now Venezuela remains in difficulty. I think their production is something like 40, half less, and there is a space there that we can assist fill and, you understand, we can truly help in regards to simply having a little bit more influence on individuals. The other thing that stresses me is that on the eastern part of the Caribbean. Essentially, 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 simply questioning just how much of a competitive downside this puts us when we do not have, actually, an existence in the Eastern Caribbean.