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Other countries, consisting of China and Venezuela, are particularly proficient at these sorts of diplomatic initiatives. The goodwill they have engendered in the region through such activities need to be a wake-up call for Washington that the Caribbean Basin can not be taken for granted. In the present environment the United States must contend for the Caribbean as indeed we need to contend for all of Latin America, and I think that additional U.S. efforts in the Caribbean would be rewarded. So Mr. Chairman, Mr. Ranking Member, thank you again for the chance to join you. It is a privilege to do so, and I eagerly anticipate the concerns you may have.

Farnsworth follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ———- Mr. Duncan. Thank you, Eric. Next witness extremely well known to the committee as well, Sally Yearwood, you are recognized 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 timely hearing on the U.S.- Caribbean collaboration. Coming as it performs in the wake of your house passage of H.R. 4939, we have a crucial chance to examine and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in regional stability are fundamentally linked therefore, by extension, partnership on important financial, political, and social development concerns should be a diplomacy top priority.

Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a significant existence. The Islamic Advancement Bank has established significant ties with funding in some Caribbean countries, and other nations ranging from Qatar to Japan and Brazil have actually had a considerable effect on how and where the countries of the Caribbean have turned to look for trade and funding options (How to find the finance charge). The United States remains the area's primary trading partner, but there is no doubt that when it comes to total engagement other nations are filling, and in some cases exploiting, a vacuum. What can be done to construct this stronger partnership? I will talk to the locations of financial cooperation that our company believe might have an impact.

The 1983 Caribbean Basin Economic Recovery Act stays one of the most generous nonreciprocal trade expenses ever approved by the U.S. The Caribbean Basin remains a leading ten trading partner with a balance of trade surplus in favor of the U.S. It is likewise worth noting that the Caribbean is the only location of the world where U.S. ship operators and U.S. nationals stay substantial players in the international carriage of products by sea. When CBERA was passed, local economies were really much oriented around farming and manufactured items. However, the world has actually altered. The economies today with some exceptions are mainly dominated by travel and tourism, the monetary services sector and other service based markets.

With H.R. 4939, the U.S. Government can examine what exists, where there are gaps, and recommend possible locations for trade and cooperation which show today's truth. Correspondent Banking https://writeablog.net/brettapm06/heloc-rates-of-interest-can-go-up-and-down-theyand-39-re-usually-pegged-to and De-risking. While the technical problems behind this are under conversation among your associates in the Financial Providers Committee, and just recently they sent out a letter to the OCC requesting clearness on the application of guidelines and compliance, this issue has been front and center for the nations of the Caribbean for a while. This is an international issue, however it is widely acknowledged that the Caribbean has actually been disproportionately impacted due to the fact that of the size of the marketplaces and the understanding of risk.

Government, global financial organizations, associations, and the personal sector to assist determine services for the Caribbean. The CEO of the FIBA explains the circumstance as follows: We are working on financial inclusion in developing countries and de- running the risk of is then Go here obstructing access to fund. This amounts to a de facto embargo on the area in the area of monetary services (How to finance a house flip). When worldwide banks sever relationships with local banks, there is a direct effect on economic growth, trade, and remittances. As crucial, when the expenses of complying with policies produce a problem on the legitimate banks and they close down, there is a risk that underground or less regulated organizations will take their location.

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While we can all concur that the banking neighborhood's capability to combat money laundering and terrorist funding is a shared top priority, what we can not do wfg head office is place excessive burdens on any individual celebration. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based technique between guideline and inclusion, where all celebrations recognize that they have a function in the problem in addition to in the service. Travel and Tourism. Countless travelers move by air and sea between the Caribbean and the U.S. every year. Air and sea ports are a crucial part of the security device every day.

additional control over its borders and produces a collaborative environment for handling terrorist watch lists as well as trafficking of weapons, drugs, and other contraband. Pre-clearance centers in-region are an instrument for developing a security collaboration (How to finance a second home). While the expense does not validate pre-clearance in every Caribbean nation, a strategic take a look at increasing pre-clearance existence through a hub and spoke system would be beneficial to shared partnership and security. Diplomatic Existence. Agent Engel has long called for the facility of a diplomatic presence in the nations of the Eastern Caribbean. There are 9 member states of the Company of Eastern Caribbean States, 6 of which are independent.

If there is no hunger for diplomatic existence in all of the countries of the Eastern Caribbean, I believe that there must a minimum of be more powerful acknowledgment of the force that the OECS represents in the region, and a minimum of one full Embassy should be established there. Security and Disaster Resilience. CCAA has actually run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other regional partners for nearly twenty years. This event underscores the value of public-private collaborations in catastrophe management. Previously focused extremely much on natural disasters, we now look at broader threats to the specific nations.

The region is susceptible to range of natural and other disasters and resilience is crucial. Any breakdown has trade, financial, and security implications for the broader area and for its partners outside the area. A multi-country strategy forged in cooperation with regional partners need to belong of the engagement. Time does not permit the complete variety of matters to be addressed. Energy, for one, is a local priority and there I would urge ongoing U.S. engagement on the sustainable energy front, structure on the Vice President's hallmark Caribbean Energy Security Initiative. In addition, Haiti stays an ongoing difficulty and the existing political crisis has ramifications for the area as a whole.