I actually think you already understand it. Depending on how you define it, money laundering could be seen as just the act of hiding the origin of some pool of

I actually think you already understand it. Depending on how you define it, money laundering could be seen as just the act of hiding the origin of some pool of funds. That, by itself, is morally pretty neutral. For example, in the US campaign finance laws effectively allow money laundering by allowing legal PACs which can receive donations, spend those donations on political activities, and obscure the source of those funds. This is justified on the basis of protecting free speech. Conversely, it can also be used to hide the source of funds generated in the commission of a crime, which impedes the work of law enforcement.