The UVF is suspected of involvement in the incident on Friday which saw Simon Coveney being evacuated from the 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.
On Sunday morning, the Police Service of Northern Ireland said a 38-year-old woman had been arrested on suspicion of possessing a firearm in suspicious circumstances, possessing criminal property and concealing criminal property.
A PSNI 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 on Saturday evening.
A suspected firearm, two vehicles, a quantity of controlled drugs and a large sum of cash were seized by police.
The incident was condemned by politicians across the political spectrum.
Secretary of State Brandon Lewis described the actions as “reprehensible”.
On Sunday at noon the PSNI said Detectives from the Serious Crime Branch investigating a hijacking and security alert in north Belfast on Friday, 25 March, have arrested a 41-year-old man under the Terrorism Act. The man is being questioned in Musgrave Serious Crime Suite.
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