What is money laundering?

Is there more then one type of money laundering?

• I'm an accounting student, and in our problems there is scenarios where the owner of the company withdraws money from the cash account for personal use. my friend tried to tell me that that is money laundering, but i thought money laundering was "washing" away dirty money to hide how you got it illegally? but he does make a point, because why would a company allow an owner to have access to the money so easily, when the owner could just take the money and run? is the owner only withdrawing from his/her personal equity account? thanks

• Answer:

  There is money laundering, money rinsing, money wiping, money dry cleaning, money sponge bath, all kinds of permutations and wrinkles on the money laundering concept.