Two Accounts?

I know he's playing to the media, so we can assume he's oversimplifying his argument, but Tom Delay's lawyer doesn't convince me with this:

Mr. DeGuerin said Mr. DeLay would try to convince an appeals court that the money-laundering statute should never had been applied to the money swap — because the original donations were legal and also because the donations to the state candidates came out of a different account than the one in which the corporate donations were deposited.

After all, how could it possibly be money laundering if the people accused are using more than one bank account.