The International Programme on Chemical Safety has developed a monograph on the uses and potential effects of Camphor. Fairly large oral doses of Camphor are needed before adverse effects are observed. Carcinogenicity tests have been negative and Camphor is not mutagenic in bacteria.
http://www.inchem.org/documents/pims/pharm/camphor.htm

Link to FDA Code of Federal Regulations for Camphor
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/CFRS...
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/CFRS...
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/CFRS...

Camphor may be used in cosmetics and personal care products marketed in Europe according to the general provisions of the Cosmetics Directive of the European Union. Link to the EU Cosmetics Directive
http://ec.europa.eu/consumers/sectors/cosmetics/documents/di...

Health Canada permits the use of Camphor in cosmetics and personal care products at concentrations less than or equal to 3%.
For more information see
http://www.hc-sc.gc.ca/cps-spc/person/cosmet/info-ind-prof/_...

Camphor is a ketone. In cosmetics and personal care products, Camphor functions as a fragrance ingredient, denaturant and plasticizer. It is also used in OTC drug products (external analgesics, topical antitussives, anorectal products).