War Profiteering Prevention Act of 2006 - Amends the federal criminal code to prohibit 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 (including making materially false statements or representations or materially overvaluing any good or service with the specific intent to make excessive profit). Sets penalties for violations, including up to 20 years' imprisonment and a fine of the greater of $1 million or twice the gross profits or other proceeds. Subjects: (1) any property which constitutes or is derived from proceeds traceable to a violation to civil and criminal forfeiture; and (2) transactions involving such property or proceeds to money laundering provisions.