((a)) ** In general** Not later than 30 days after , and every 180 days thereafter, the President shall—

((1)) review any person that may be described in subsection (b); and

((2)) impose sanctions pursuant to the International Emergency Economic Powers Act ( et seq.) with respect to any person the President determines is described in that subsection.

((b)) ** Persons described** A person described in this subsection is—

((1)) any entity that—

((A)) operates with the intent to predominantly engage in the business of providing global financial messaging services; and

((B)) is determined by the Secretary of the Treasury, in consultation with the Secretary of State, as knowingly being used to circumvent any sanctions imposed under or any other provision of this chapter; or

((2)) a leader, official, senior executive officer, or member of the board of directors of, or principal shareholder with a controlling or majority interest in, any entity described in paragraph (1).

((c)) ** Exception** The President may waive the imposition of sanctions under subsection (a) with respect to an entity predominantly engaged in the business of providing global financial messaging services for, directly providing such services to, or enabling or facilitating direct or indirect access to such services for, any financial institution subject to sanctions under or any other provision of this chapter if—

((1)) the entity—

((A)) is subject to a sanctions regime under its governing foreign law that requires it to eliminate the knowing provision of such services to, and the knowing enabling and facilitation of direct or indirect access to such services for, foreign financial institutions identified under such governing foreign law for purposes of that sanctions regime if the President determines that the sanctions regime under governing foreign law is not inconsistent with the economic or foreign policy interests of the United States; and

((B)) has, pursuant to that sanctions regime, terminated the knowing provision of such services to, and the knowing enabling and facilitation of direct or indirect access to such services for, foreign financial institutions identified under such governing foreign law for purposes of that sanctions regime; or

((2)) the entity provides significant financial messaging services to United States financial institutions, as determined by the Secretary of the Treasury, in consultation with the Secretary of State.

((d)) ** Rule of construction** Nothing in this section shall be construed to limit the authority of the President pursuant to the International Emergency Economic Powers Act ( et seq.).50 U.S.C. 1701