This article considers the principal changes that haveoccurred in the illicit arms trade across the Cold Warand post-Cold War periods. It discusses the changednature of demand and the sources and means ofillicitly supplying arms to areas of conflict. Througha number of case studies it highlights the declininguse of illicit arms supply as a foreign policy tool,and the extent to which involvement in the trade isnow determined more by profit than policyconsiderations, with all the implications thesechanges have for control initiatives.