S.119 - Federal Government - A bill to prohibit profiteering and fraud relating to military action, relief, and reconstruction efforts, and for other purposes.

War Profiteering Prevention Act of 2007 - Amends the federal criminal code to impose a fine and/or prison term of up to 20 years for profiteering and fraud involving a contract or the provision of goods or services in connection with a war, military action, or relief or reconstruction activities within U.S. jurisdiction. Prohibits: (1) executing or attempting to execute a scheme or artifice to defraud the United States; and (2) materially overvaluing any good or service with the specific intent to defraud and excessively profit from the war, military action, or relief or reconstruction activities.

Imposes a fine or prison term of up to 10 years for: (1) falsifying, concealing, or covering up by any trick, scheme, or device a material fact; (2) making any materially false, fictitious, or fraudulent statements; or (3) making or using any materially false writing or document knowing the same to be false, fictitious or fraudulent.

Establishes the fine provided by this Act as the greater of $1 million or twice the gross profits or other proceeds derived by a person convicted of an offense under this Act.

Expands venue rules for the prosecution of offenses under this Act.

Grants extraterritorial federal jurisdiction over offenses under this Act.

Subjects any property which constitutes or is derived from proceeds traceable to a violation of this Act to civil and criminal forfeiture.

Makes the war profiteering and fraud offenses set forth by this Act predicate crimes for racketeering and money laundering offenses.