The equation of continuity for fluid flow is:
\[
A_1 v_1 = A_2 v_2
\]
where \( A_1 \) and \( A_2 \) are the cross-sectional areas at two points, and \( v_1 \) and \( v_2 \) are the velocities at those points.
We are given the volume flow rate:
\[
Q = 12\pi \, \text{litres per minute} = 12\pi \times 10^{-3} \, \text{m}^3/\text{minute}
\]
Convert it to cubic meters per second:
\[
Q = \frac{12\pi \times 10^{-3}}{60} = 2\pi \times 10^{-4} \, \text{m}^3/\text{s}
\]
At the point where the diameter of the pipe is 2 cm, the radius is 1 cm = 0.01 m. Thus, the area is:
\[
A_2 = \pi r^2 = \pi \times (0.01)^2 = \pi \times 10^{-4} \, \text{m}^2
\]
Using the equation of continuity, we find the velocity \( v_2 \):
\[
v_2 = \frac{Q}{A_2} = \frac{2\pi \times 10^{-4}}{\pi \times 10^{-4}} = 2 \, \text{m/s}
\]
Thus, the velocity is \(\boxed{2 \, \text{ms}^{-1}}\).