The official authorities of the Maldives, the islands usually renowned as a holiday destination for affluent Westerners, are pushing to make the jurisdiction an offshore finance centre, according to local media reports.

The Asian Development Bank is helping to create such a centre, according to the Ministry of Finance and Treasury, the website Minivan News said. The government did not respond to WealthBriefing’s request for comment at the time of going to press.

The ADB has offered its expertise to the Maldives for formulating the legal framework and building the necessary technical capacity to create the OFC, Finance Minister Abdulla Jihad told local media, the report said.

“As this is entirely new to the Maldives, we will need to build technical capacity and formulate the required strong legal framework,” the minister reported to have said.

The nearby jurisdiction of Mauritius, to the western side of the Indian ocean, is already an established offshore financial centre.