Speaker Karu Jayasuriya has signed the Judicature Amendment Bill last evening, a spokesman attached to the Speaker's Office in Parliament said.
With the Speaker sanctioning the legislature, the much-talked about bill has now come into effect.
The bill was passed with a comprehensive majority in Parliament last week with 119 MPs voting in favour.
"We have done our part. Now, it is up to the Chief Justice to proceed with the bill and bring the culprits to justice. We don't want to interfere with the judiciary's work," a senior Cabinet minister said last night.
"The Chief justice will decide on the first case taken up before the new court," he added.
Sri Lanka also appointed 13 new High Court judges in a bid to fast track long-running corruption cases.