Throughout the past couple of decades, a new trend of unverified financial flows has overshadowed several countries throughout the world. According to the World Bank, an estimate of 20 to 40 billion dollars is stolen from developing countries yearly. Such unjustified figures are portrayed clearly through the Balance of Payments (BOP) and/or Trade Balance of different countries where it is clear to pinpoint the source of mismatch of the transactions. This phenomenon of unexplained financial flow is called Illicit Financing. Illicit financial flow (IFF) is the illegal exploitation or transportation of money brought in illegally across international borders. Illicit financing has been given more attention especially after money laundering, terrorist financing, and asset freezing which were seen to dictate the societies and economies as we know it. Illicit financial flow impacts the society (government and individuals) and the economy of a nation negatively, which in turn might expand to other countries and threaten national and global security. Illicit financing occurs through different channels across the world such as transfer pricing, under or over valuing trade deals, employing off shore financial and banking centers, as well as tax havens. According to Thabo Mbeki Foundation, “the bulk of illicit money today is channeled through international tax havens.” The latter idea discusses the trend whereby several companies were created only on paper, without any physical presence or substance, for tax purposes or bogus charities were founded to escape tax payment obligations. Several sources of illicit financing exist; however, we shed light on three main categories that dominate illegal financial flow. First, illicit financing may be the result of the corruption existing in a country and the resulting lack of financial control. IFF may also result from an unrecorded commercial transaction through several means, such as: Taxes (income, VAT, excise), import, and export transactions aiming at maneuvering customs duty. Additionally, IFF may occur through criminal activities such as the imitation of copyrighted products or services (software, pharmaceutical drugs, clothes), drug exchange, human trafficking and contraband. Several organizations throughout the world have joined forces to develop methods, strategies, initiatives,