This two-part article examines the nature of lying as a negotiation tactic and the effect of regulating such a tactic in light of legal, ethical and business considerations. Part 1 (which appeared at (2007) 9(6) ADR 101) discussed the definition of lying and deception, and the various forms of lying. It then discussed the existing law and its attempts to regulate lying, especially as it pertains to legal professionals and the use of lying in negotiations. The section ‘Ethics of lying’ addressed the effect of ethics and ethical codes of conduct on lying. Part 2 of this article begins with the ‘Business of lying’: the nature of business and how the very essence of business and market economics fosters the use of lying as acceptable conduct. It continues with ‘Deception under negotiation theory and principles … Is it really so wrong to lie?’. This looks at the effectiveness and efficiency of controlling deceptive behaviour as seen through the eyes of human nature, societal pressures and negotiation theory and principles. ‘Future of lying as a negotiation tactic’ discusses the future of lying as a negotiation tactic in light of the earlier discussions. Finally the article concludes with an inquiry on whether attempts to regulate lying will actually reduce the use of such a tactic during negotiations, whether by legal professionals or ordinary negotiators.