We know that Demandred is the only Forsaken remaining who really hasn't taken an active role in things. Some, like Mesaana, haven't done much either, but we know she's in the White Tower (or was... she may or may not have been on Verin's BA list, depending on if she were masquerading as a Black sister or not). But we don't really know of Demandred's plans at all. RJ said that the Taimandred theory was false, so let's see what we can discern using one of the best pieces of information we have:

LoC,Ch6 - Sammael thinks events to the south (of Arad Doman) have Demandred's mark on them. (encyclopaedia-wot.org)

If this statement holds true, it's not Tear (Be'lal's) or Illian (Sammael's). Tarabon is also unlikely. This would leave Altara, Amadicia, and Ghealdan/Murandy (neither of which are the true South, but it's close enough). The Whitecloaks would be a dark horse in this race, but I don't think he would go for them, their influence is unimportant, and besides, they kinda do the Forsaken's own job for them with their incompetence, so he's best off leaving them to their own devices. Not Ailron, since he died recently and Demandred would have taken control earlier, so that rules out Amadicia. Ghealdan is Perrin's for whatever reason (he doesn't really deserve it). The Seanchan don't return until aCoS, so he's not with them (although that'd be a prime place for one of the Forsaken). Roedran is completely irrelevant. So what's my answer? None of the above.

Demandred despises Rand, but at the same time, he's not stupid. He's seen the Forsaken drop like flies, from Aginor and Balthamel, to Asmodean and Lanfear, and so on. Osan'gar failed as Dashiva trying to get close to Rand, he won't do that. So what is he doing? He's laying low. Although he doesn't lust power as someone like Rahvin does, he's been making small plans, waiting for the right time. And I think the right time is now for him. TG is coming, and he strikes. He's unaffiliated with any one party, but he has men in several places, and his plot for revenge will finally come to fruition (until Rand squashes it).

So what do you think?