He has now been cleared, along with fellow former Labour home secretary Jack Straw by a Commons watchdog.
The pair were apparently caught offering their services for cash in separate hidden camera stings by Channel 4's Dispatches and the Telegraph newspaper.
Kathryn Hudson, parliamentary commissioner for standards, investigated claims the pairy had broken strict lobbying rules.
However, she ruled on Thursday: "There was no breach of the rules on paid lobbying."
MPs on the Commons standards committee added by way of criticism of the sting: "By selection and omission, the coverage distorted the truth and misled the public."
Conservative grandee Rifkind was caught claiming he could arrange "useful access" to every British ambassador in the world.
Ms Hudson, however, cleared the pair in her report. She said: ["I have] not found any evidence that their conduct, in itself, caused significant damage to the reputation and integrity of the House [of Commons] as a whole, or to other members generally".
she also hit out at the way the allegations were reported: "If in their coverage of this the reporters for Dispatches and the Daily Telegraph had accurately reported what was said by the two members in their interviews, and measured their words against the rules of the House, it would have been possible to avoid the damage that has been done to the lives of two individuals and those around them, and to the reputation of the House."
MPs on the Commons Standards committee also slammed the undercover reporting: "We are very concerned that the matter should have been reported in this fashion. By selection and omission the coverage distorted the truth and misled the public as to what had actually taken place."
Later, the former Kensington MP said the allegations had "no substance and were unjustified".
He added: "It has been for me, for my family, and for my former parliamentary staff a painful period which we can now put behind us."
Channel 4 has now asked broadcasting regulator Ofcom to investigate the broadcast following the criticism.