Undertaking Spam, Spyware, And Fraud Enforcement With Enforcers beyond Borders Act of 2006

Undertaking Spam, Spyware, And Fraud Enforcement With Enforcers Beyond Borders Act of 2006 or the U.S. SAFE WEB Act of 2006 - (Sec. 3) Amends the Federal Trade Commission Act to include within the definition of "unfair or deceptive acts or practices" those acts or practices involving foreign commerce that: (1) cause or are likely to cause reasonably foreseeable injury within the United States; or (2) involve material conduct occurring within the United States. Declares that remedies available to the Federal Trade Commission (FTC) for such unfair and deceptive acts or practices include restitution to domestic or foreign victims.

(Sec. 4) Authorizes the FTC to disclose certain privileged or confidential information to foreign law enforcement agencies.

Authorizes the FTC, upon written request, to provide investigative assistance to a foreign law enforcement agency that states it is investigating or enforcing proceedings against violations of laws prohibiting fraudulent or deceptive commercial practices or other practices substantially similar to practices prohibited by laws administered by the FTC, other than federal antitrust laws, without requiring that the conduct identified constitute a violation of U.S. laws. Requires FTC consideration of specified factors in determining whether to provide assistance, including whether the requesting agency has agreed to provide reciprocal assistance to the FTC. Authorizes the FTC to negotiate and conclude an international agreement for providing such assistance, materials, or information. Stipulates that this Act does not authorize the FTC to take any action or exercise any power with respect to a bank, savings and loan institution, or federal credit union. Prohibits FTC investigative assistance to foreign law enforcement agencies from foreign states which repeatedly provided support for acts of international terrorism.

Directs the FTC to: (1) transmit to the Attorney General evidence of a violation of federal criminal law by any domestic or foreign person, partnership, or corporation; and (2) ensure, with respect to memoranda of understanding and international agreements, that material obtained from foreign law enforcement agencies may be used for investigation, prosecution, or prevention of U.S. criminal law violations.

(Sec. 5) Authorizes the FTC to designate its attorneys to assist the Attorney General with litigation in foreign courts and to reimburse the Attorney General for the retention of foreign counsel for such litigation on matters in which the FTC has an interest.

(Sec. 6) Specifies conditions under which an FTC-designated custodian is authorized to share certain compelled or confidential material with foreign law enforcement agencies that certify that the material will be maintained in confidence and will be used only for official law enforcement purposes. Exempts from public disclosure requirements of the Freedom of Information Act any material received by the FTC from foreign sources in the course of an investigation.

(Sec. 7) Declares the FTC subject to the Right to Financial Privacy Act, but specifies: (1) conditions relating to procedures for delay of notification or prohibition of disclosure of information obtained in connection with compulsory process where the recipient is not a subject of the investigation; (2) venue and procedures for ex parte proceedings; and (3) inapplicability to an investigation or proceeding related to the administration of federal or foreign antitrust laws. Declares that recipients of compulsory process issued by the FTC are not liable under U.S. law for failure to provide notice to persons that such process has been issued or that such recipients provided information, if neither notification nor delayed notification by the FTC is required under the Right to Financial Privacy Act.

(Sec. 8) Shields from liability: (1) voluntary providers of material the provider believes is relevant to an unfair or deceptive act or practice or to assets subject to recovery by the FTC, including assets located in foreign jurisdictions; and (2) certain financial institutions, foreign and domestic, for making voluntary disclosures to the FTC of consumer complaints or violations of law or regulations, including regarding assets located in foreign jurisdictions.

(Sec. 9) Authorizes the FTC to: (1) retain employees of foreign government agencies on a temporary basis; (2) detail FTC employees to work for foreign agencies; (3) under the Right to Financial Privacy Act of 1978, share information with specified financial and market regulators; and (4) accept payment from a domestic or foreign law enforcement agency for FTC expenses and unconditional gifts, donations, bequests of property, and voluntary services.

(Sec. 13) Terminates the effect of this Act and its amendments seven years after enactment of this Act.

(Sec. 14) Requires the FTC to report to Congress on its actions under this act and recommendations for additional legislation.