The side-event to the tenth session of the Conference of the Parties to the United Nations Convention against Transnational Organized Crime discusses measuring illicit financial flows from illegal markets as well as tax and commercial activities. UNODC and UNCTAD are custodians of SDG indicator 16.4.1 on illicit financial flows and have developed a conceptual framework defining what should be measured under the concept of illicit financial flows. The session shares first results of country pilots carried out in Latin America. Pilots are also being carried out in UNECA and UNESCAP regions. The session informs participants of the new conceptual framework, the results of first pilots, and plans going forward.