((a)) ** In general** Not later than 5 years after , the President shall conduct a review of all persons on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury for activities relating to Iran—

((1)) to assess the conduct of such persons as that conduct relates to—

((A)) any activity that materially contributes to the activities of the Government of Iran with respect to its ballistic missile program; or

((B)) support by the Government of Iran for acts of international terrorism; and

((2)) to determine the applicability of sanctions with respect to such persons under—

((A)) Executive Order No. 13382 ( note; relating to blocking property of weapons of mass destruction delivery system proliferators and their supporters); or

((B)) Executive Order No. 13224 ( note; relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism).

((b)) ** Implementation of sanctions** If the President determines under subsection (a) that sanctions under an Executive order specified in paragraph (2) of that subsection are applicable with respect to a person, the President shall—

((1)) impose sanctions with respect to that person pursuant to that Executive order; or

((2)) exercise the waiver authority provided under .