Not really. You can create new 'names', i.e. your wallet. But they start off empty. So how do you get the actual money (bitcoins) into the new wallet? You need to transfer the money from your old wallet/name to the new one. And that is publically logged. This means you can always follow the money.
The way to get around this is to generate many wallets and move things around a lot. However it's still money moving within a subset of bitcoin wallets, so potentially trackable still (Google is able to detect 'link farms', so the police might be able to detect 'mixing farms')
The way to get around this is to generate many wallets and move things around a lot. However it's still money moving within a subset of bitcoin wallets, so potentially trackable still (Google is able to detect 'link farms', so the police might be able to detect 'mixing farms')