Canada's federal government has announced plans to increase penalties for money laundering by 40 times, as part of its Fall Economic Statement. This move follows a year in which both Canada and the U.S. issued record penalties for money laundering violations, with Canada fining TD Bank $9.2 million and the U.S. imposing a $3 billion fine. The Fall Economic Statement also includes updates aimed at enhancing the country's anti-money laundering regime, which has been a focal point of regulatory scrutiny. The measures are seen as a response to ongoing concerns about financial compliance and the effectiveness of existing regulations. Additionally, Canada's anti-money laundering agency is reportedly developing a scorecard to improve monitoring efforts in the sector.