Other nations, consisting of China and Venezuela, are particularly proficient at these sorts of diplomatic initiatives. The goodwill they have stimulated in the area through such activities need to be a wake-up call for Washington that the Caribbean Basin can not be considered granted. In the existing environment the United States need to contend for the Caribbean as undoubtedly we have to compete for all of Latin America, and I think that extra U.S. efforts in the Caribbean would be rewarded. So Mr. Chairman, Mr. Ranking Member, thank you once again for the opportunity to join you. It is an advantage to do so, and I anticipate the questions you may have.

Farnsworth follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness effectively understood to the committee as well, Sally Yearwood, you are acknowledged for 5 minutes. STATEMENT OF MS. SALLY YEARWOOD, EXECUTIVE DIRECTOR, CARIBBEAN- CENTRAL AMERICAN ACTION Ms. Yearwood. Thank you, Mr. Chairman, Ranking Member Sires. Thank you for holding this prompt hearing on the U.S.- Caribbean partnership. Coming as it performs in the wake of the House passage of H.R. 4939, we have an essential opportunity to evaluate and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in regional stability are inherently linked therefore, by extension, partnership on critical economic, political, and social development issues need to be a diplomacy concern.

Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial presence. The Islamic Advancement Bank has actually established significant ties with financing in some Caribbean nations, and other countries varying from Qatar to Japan and Brazil have actually had a significant effect on how and where the nations of the Caribbean have actually relied on search for trade and financing alternatives (What is a consumer finance account). The United States stays the region's primary trading partner, however there is no doubt that when it comes to total engagement other countries are filling, and sometimes making use of, a vacuum. What can be done to build this stronger collaboration? I will speak with the areas of financial cooperation that we believe could have an effect.

The 1983 Caribbean Basin Economic Recovery Act stays one of the most generous nonreciprocal trade costs ever approved by the U.S. The Caribbean Basin stays a top ten trading partner with a balance of trade surplus in favor of the U.S. It is likewise worth keeping in mind that the Caribbean is the only area of the world where U.S. ship operators and U.S. nationals stay significant players in the international carriage of goods by sea. When CBERA was passed, local economies were extremely much oriented around farming and manufactured items. Nevertheless, the world has actually changed. The economies today with some exceptions are mostly dominated by travel and tourist, the financial services sector and other service based markets.

With H.R. 4939, the U.S. Federal government can examine what exists, where there are gaps, and suggest prospective locations for trade and cooperation which reflect today's truth. Correspondent Banking and De-risking. While the technical issues behind this are under conversation amongst your associates in the Financial Solutions Committee, and just recently they sent out a letter to the OCC asking for clearness on the application of guidelines and compliance, this concern has actually been front and center for the countries of the Caribbean for a while. tricia hoover This is an international issue, but it is widely acknowledged that the Caribbean has been disproportionately affected because of the size of the markets and the understanding of risk.

Government, worldwide monetary institutions, associations, and the economic sector to assist recognize services for the Caribbean. The CEO of the FIBA describes the situation as follows: http://felixdeeg980.lucialpiazzale.com/how-what-time-does-world-finance-close-can-save-you-time-stress-and-money We are working on financial inclusion in developing nations and de- running the risk of is then obstructing access to finance. This amounts to a de facto embargo on the region in the location of monetary services (How to owner finance a home). When international banks sever relationships with regional banks, there is a direct influence on financial development, trade, and remittances. As essential, when the expenses of adhering to guidelines develop a concern on the genuine banks and they shut down, there is a threat that underground or less regulated organizations will take their location.

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While we can all agree that the banking neighborhood's capability to combat money laundering and terrorist funding is a shared concern, what we can refrain from doing is place unnecessary problems on any specific party. There exists an opportunity for all stakeholders to come together to craft a balanced, risk-based technique between regulation and addition, where all celebrations recognize that they have a function in the problem as well as in the solution. Travel and Tourist. Millions of tourists move by air and sea between the Caribbean and the U.S. every year. Air and sea ports are an important part of the security device every day.

additional control over its borders and creates a collaborative environment for managing terrorist watch lists as well as trafficking of weapons, drugs, and other contraband. Pre-clearance centers in-region are an instrument for building a security collaboration (Which one of the following occupations best fits into the corporate area of finance?). While the expense does not justify pre-clearance in every Caribbean country, a strategic look at increasing pre-clearance presence through a hub and spoke system would be helpful to shared collaboration and security. Diplomatic Existence. Agent Engel has long called for the facility of a diplomatic existence in the nations of the Eastern Caribbean. There are 9 member states of the Organization of Eastern Caribbean States, 6 of which are independent.

If there is no hunger for diplomatic presence in all of the nations of the Eastern Caribbean, wesley corp I think that there need to a minimum of be stronger recognition of the force that the OECS represents in the region, and at least one complete Embassy must be developed there. Security and Catastrophe Durability. CCAA has actually run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other regional partners for almost 20 years. This event underscores the significance of public-private collaborations in disaster management. Formerly focused extremely much on natural disasters, we now take a look at wider dangers to the particular countries.

The area is susceptible to variety of natural and other catastrophes and resilience is critical. Any breakdown has trade, financial, and security implications for the broader area and for its partners outside the region. A multi-country method created in cooperation with local partners ought to be a part of the engagement. Time does not permit the full series of matters to be dealt with. Energy, for one, is a local concern and there I would advise continued U.S. engagement on the sustainable energy front, building on the Vice President's hallmark Caribbean Energy Security Initiative. Furthermore, Haiti remains an ongoing difficulty and the current political crisis has ramifications for the area as a whole.