"Money laundering" is the term you're looking for; IANAL, but money laundering is illegal AF.

Money Laundering, usually refers to activities where the illegal cash is mixed in with legit cash flow, especially with help from a cash intensive business like a car wash or a salon, but in the scheme I mentioned about, the second leg of the scheme, of buying albums, etc, there is nothing illegal about the transaction itself, only that the proceeds used for it was obtained through non-legit means.

In your example, the illegal cash is mixed in with legit album sales. Whether you actually buy your own album or simply claim that extra albums were sold is besides the point. Buying an album isn't illegal, but concealing the origin of illegally obtained funds by passing them through a legitimate business is. Driving a car isn't illegal, but running a red light is; the fact that you were legally driving a car doesn't mean you aren't breaking another law in the process. The fact that you are legally buying an album doesn't mean you aren't money laundering in the process.

Money laundering is actually also covered in the Proceeds of Crime Act 2002, Part 7. It is defined in the most abstract term possible. That is done in order to make the example you provided an offense as well:

"A person commits an offence if he enters into or becomes concerned in an arrangement which he knows or suspects facilitates (by whatever means) the acquisition, retention, use or control of criminal property by or on behalf of another person."

Isn't that the definition of money laundering?