From: http://azio.org/2007/10/10/eternal-bash-history-super-duper-useful/

in /etc/profile and in /etc/bash.bashrc
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export HISTTIMEFORMAT="(%d.%m.%Y) %H:%M "

export PROMPT_COMMAND="${PROMPT_COMMAND:+$PROMPT_COMMAND ; }"'echo "`date +'%d.%m.%y-%H:M:%S:'`" $USER "("$ORIGINAL_USER")" \
"COMMAND: " "$(history 1 | cut -c8-)" >> /var/log/bash_eternal_history'

readonly PROMPT_COMMAND
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and then as root run the commands:
touch /var/log/bash_eternal_history
chmod 777 /var/log/bash_eternal_history
chattr +a /var/log/bash_eternal_history