Prevention of Money Laundering Act (Cap. 373), article 38

38. (1) The Director shall, not later than six weeks before the end of each financial year, submit to the Board estimates of th e income and expenditure of the Unit for the following financial year: Provided that the estimates for the first financial year of the Unit shall be prepared and adopted within such time as the Mini ster may by notice in writing to the Unit specify. (2) In the preparation of suc h estimates the Unit shall endeavour to ensure that the tota l revenues of the Unit are at least sufficient to meet all sums prop erly chargeable to its Income a nd Expenditure Account, including but without prejudice to the PREVENTION OF MONEY LAUNDERING [CAP. 373. 41 generality of that expression, depreciation. (3) The estimates shall be made out in such form and shall contain such information and such comparisons with previous yea rs as the Board may direct. (4) Before the end of each fin ancial year the Board shall consider and adopt, with or with out amendments as the case may be, the estimates submitted to it for the following financial y ear. (5) If in respect of any financia l year it is found that the amo unt approved by the Board is not sufficient or a need has arisen fo r expenditure for a purpose not provided for in the estimates, th e Director may cause supplementary estimates to be prepared and sent forthwith to the Board for adoption and in any such case t he provisions of this Act applicable to the estimates shall as nea r as practicable apply to supplementary estimates. Determination and allocation of profits. Added by: XXXI. 2001.4.