From Longman Business Dictionary
launderlaun·der /ˈlɔːndəˈlɒːndər/ verb [transitiveT]LAW launder money/profits to put money which has been obtained illegally into legal businesses and bank accounts in order to hide where it was obtainedThe bank had allegedly laundered money for drug dealers and other criminals.
—laundering noun [uncountableU]He was sentenced to three years in prison for money laundering.
the laundering of drug profits through Panamanian banks and front companies