Police this afternoon said a 41-year-old man had been arrested by police investigating the security alert on Friday.
The UVF is suspected of involvement in the incident which saw Mr Coveney being evacuated from an event organised by the John and Pat Hume Foundation in north Belfast.
The Houben Centre, on the Crumlin Road, was evacuated and a funeral service at nearby Holy Cross church was disrupted.
Police said the driver of a van was threatened by two gunmen and forced to drive a device which he believed to be a live bomb to the church.
The PSNI said detectives from the Serious Crime Branch had arrested the man under the Terrorism Act and he was being questioned at Musgrave Serious Crime Suite.
A 38-year-old woman is also being questioned by police in relation to the incident.
This morning, the PSNI said the woman had been arrested on suspicion of possessing a firearm in suspicious circumstances, possessing criminal property and concealing criminal property.
A spokesperson said she was in custody assisting police with their inquiries.
It comes after the Serious Crime Branch carried out searches in the Ballysillan and Springmartin areas of north and west Belfast yesterday evening.
A suspected firearm, two vehicles, a number of controlled drugs and a large sum of cash were seized.
Friday’s incident was condemned by politicians across the political spectrum.
The PSNI declined to be drawn on whether loyalist anger on the Northern Ireland Protocol had been the motivation for the incident.
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