Use a small saucepan and combine butter, molasses, and honey over medium-low heat. After the mixture has melted together, remove from heat and allow to cool. Add the egg and anise extract, stir it in and set aside.
Use a large mixing bowl and mix up the remaining dry ingredients, except for the powdered sugar. Combine the dry and wet ingredients and form into a ball of dough. Wrap it up in plastic kitchen wrap and allow to cool in the refrigerator for an hour.
Preheat your oven to 325° F and line a baking sheet with parchment paper. After the dough is chilled, roll out the cookies into 1 inch balls. Bake for 12 minutes and allow to cool. Roll in powdered sugar and enjoy!