Starting today, Facebook says:
In addition to your other activity, you'll be able to see the searches you're making on Facebook. Just as you can choose to delete any of your posts, you can use the same inline control on Activity Log to remove any of your searches at any time. It's important to remember that no one else can see your Activity Log, including your search activity.
That last part is important: this is information that's only accesible by you (and Facebook). It's also not retroactive, because that would give the entire Internet a simultaneous panic attack. But if you've got something to hide, just make sure nobody sees that list — or delete your search history, which is an easy option. But it's an option you'll have to keep tabs on atop the rest of your incriminating search history. This stuff is starting to pile up! [Facebook]
Note: the above screenshot was prepared by a Gizmodo intern. I do not obsessively search for myself on Facebook.