lighting Draining light from a shot?

I have an idea for something I wanna try for a short I'm planning.
The idea is that as a character witnesses an event happening, which will originally be shot in colour, it fades to black and white.
Is there any way to do that?
 
Should be easy to do in any decent video editor - just keyframe a saturation filter. Even in more basic editors, you could simply do a crossfade between the colour and black and white clip.
 
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