Yes this is correct but you're only halfway through the complete definition of money laundering. Reading this thread was starting to fry my brain due to the amount of people that think money laundering is only about concealing the origin of illegally sourced funds. It's not just about hiding proceeds. You can also use money laundering to hide clean funds from uncle Sam. Take a look at Politicians,Billionaires,The orange president himself and ask yourself why do they all pay such low taxes? The panama papers were about rich people hiding their legally(keyword)sourced funds from say...assets,properties,other investments in offshore bank accounts located in places like Seychelles and panama while setting up shell companies to avoid the tax bracket. Doing all of this is by definition money laundering. Hope this provides clarity.

>>You can also use money laundering to hide clean funds from uncle Sam.

That is NOT defined as money laundering. That is tax evasion.