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Privacy codes of practice developed in the 1980s in response to the concerns about the introduction of computerized databases, automated personal information processing systems, and easy transmission of personal information across national and international boundaries. The current data-practice guidelines, laws, and model-codes have been modeled based on these early codes. Starting from the early 2000, the socialization of the Web introduced a new kind of private information flow model and new privacy risks. In this paper, we analyzes the core principles of existing privacy codes with respect to emerging social-centric privacy risks. Our major contribution in this work is twofold. Legally - this evaluation is useful to enhance current privacy codes for the Social Web. Technically - this evaluation is useful to design the future social-centric privacy policy languages and their data handling specifications.