The Saudi Arabian Monetary Authority (SAMA) launched an awareness campaign for the introducing of the smart bags for the transportation of funds and means of dealing with tagged cash. This step coincides with SAMA and related authority's approval for the implementation of smart bags for their capability of enabling automated tracking and self-destruction in the event of tampering. The smart bags will replace money containers used currently for the transportation of cash.
This campaign, which targeted largest possible segments of the societyis part of SAMA's ongoing efforts to organize awareness-raising and educationalcampaigns among the public in order to raise their financial and knowledgeawareness of cash trading.
SAMA clarified that these smart bags featured with a security inkreleased in the event of unauthorized tampering covering the currency features,i.e., theft, burglary or changing the routes of the armored trucks. This leavesthe currency tagged with the security inks, which will enable tracing itssource through a unique imprint of each container; this helps to identifycurrency obtained through illicit sources.
"SAMA" pointed out in this regard that the application ofsmart bag technologies for transporting money has contributed globally inreducing money-transportation robbery and aggression crime rates. On theirside, central banks issued instructions stating the prohibition of thecirculation of cash tagged with security inks. Central banks clarified thatcurrency exposed to security inks which is hard to remove, loses its featuresbecause of deforming by the released inks. Therefore such banknotes areconsidered mutilated currency and unacceptable for trading, or automaticdeposit machines and sorting devices.
In the end, SAMA clarified that will not accept currency tagged with the security inks and advises the public to avoid trading it.
