BTW Ltd is a private company offering warehousing services. To conduct its operations, BTW has engaged a Chief Executive Officer, a Security Officer and experienced staff for the warehousing and releasing of excise goods and to keep records of each Warehouse User. BTW also monitors the movement of excise goods as required by the EU and Malta Customs. ‘Standard Warehousing Conditions’ as shown separately are signed by the Warehouse Users who undertake to abide by these conditions. These conditions reflect the obligations of the Warehouse Users towards BTW and vice-versa. Financial Securities Besides having in place a bank guarantee in favour of the Customs Department to cover any possible loss of taxes, BTW’s possible liabilities are also secured with Lloyd’s of London. The Company'’s bankbooks, ledgers and other Company documents are monthly audited by a certified Public Accountant. Quarterly Management Accounts are analysed and approved by the Board.   Memorandum of Understanding To strengthen further the existing co-operation between the two organisations, an MOU has been signed by Director General Customs and by the Chairman of this Company. As part of the MOU, a joint committee made up of two members from Customs and two members from BTW, meets whenever necessary but in any case not less than once every trimester to discuss and implement works’ ethics and other measures to the benefit of BTW and Customs alike.