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Illicit financial flows (IFFs) are a challenge that continues to plague the development of many countries on the African continent. While it has been acknowledged that there is no universal definition, IFFs are defined as involving the transfer of financial resources earned through illegal activities such as corruption, transactions involving contraband goods, criminal activities and efforts aimed at sheltering wealth from tax administrations[1]. They therefore have the cumulative effect of facilitating the cross-border movement of monies obtained illegally[2]. The Report on High Level Panel on Illicit Financial Flows[3] defines IFFs as money that is illegally earned, transferred or utilized, originating from three main sources, namely: commercial tax evasion; criminal activities; and theft by corrupt government officials. Commercial tax evasion includes trade misinvoicing and abusive transfer pricing, while criminal activities include drug trade, human trafficking and smuggling of contraband.