After completing your readings, has your definition of money laundering changed? If so, how?

After completing your readings, has your definition of money laundering changed? If so, how?
Do you think the areas that the U.S. and international bodies are focusing on as it relates to ML and TF are sufficient?
initial post
In my view, money laundering refers to an illegal process in which large amounts of money are generated through criminal activities which may include terrorist funding and drug trafficking and such money is made to appear to have been from a legitimate or legal source. It is a serious financial crime employed by both street-level and white-collar criminals. When it comes to the identification of suspicious transactions, financial institutions are subjected to many challenges. One of the difficulties that are commonly faced by these institutions is the lack of effective tools that can help in the detection of such activities. In this case, most financial institutions may not afford some of the most effective tools that can help in the detection of such activities. As such, they settle for others that are not effective which end up not giving the outcome that is desired. Another challenge is a collaboration with the authorities through corruption. In this case, money launderers have collaborated with the authorities, especially the police to find cover for their illegal business of money laundering, hence this makes it difficult for the financial institutions to effectively investigate and detect some of these malicious activities.
see reading
Ch 1: 1-54; Ch 2: 87-101