Well, seeing as how there have been actual money laundering charges involved in the scam that is the Olympics, it's probably appropriate:
I agree that money laundering is maybe too specific a form of corruption to encompass all the corruption that is the Olympics, but there are lots of sports and political writers who discuss it this way. Basically lots of money gets exchanged between officials, and lots of those exchanges happen in the form of contractor, bidding, and other deals. The point at which it goes from bribery to money laundering gets blurred sometimes.