Trafficking in Persons Accountability Act of 2007 - Amends the federal criminal code to grant U.S. courts additional extraterritorial jurisdiction over criminal offenses involving peonage, slavery, sales of persons into involuntary servitude, forced labor, trafficking in persons, and sex trafficking of children if: (1) the alleged offender or victim of any such offense is a national or permanent resident of the United States; or (2) the alleged offender is present in the United States, irrespective of the nationality of such offender.

Prohibits U.S. prosecution of an alleged trafficking offender who is prosecuted by a foreign government whose jurisdiction is recognized by the United States, except upon the approval of the Attorney General or the Deputy Attorney General.