Illicit financial flows (IFFs) generated by the artisanal and small-scale gold mining (ASGM) sector in West Africa have historically contributed to conflict and instability, although it would be a mistake to classify this issue as a criminal matter, given its links to formal and informal networks and local livelihoods. This study examines IFFs associated with the ASGM sector in Ghana and Liberia and reveals a complex web of informal and illicit activity associated with IFFs, with detrimental consequences for development. It focuses on gold because of its prominence in the West African Region and artisanal small-scale mining (ASM), rather than large-scale mining (LSM). Further, ASMG is largely informal and consequently more vulnerable to exploitation by criminal networks, and plays a prominent role as a local livelihood. This case study is relatively narrow in focus, providing insights into the nature and scope of ASGM activities and their resulting IFFs, and making several observations on those areas where action could be taken in an effort to reduce IFF risks. The study selected Ghana and Liberia as two countries where research could be conducted, and where gold is a major industry.