BARCELONA, SPAIN: Shakira reached a settlement in her high-profile tax with Spanish authorities on the first day of her trial on Monday, November 20, in Barcelona.

According to ET Online, the Colombian pop sensation told presiding magistrate Jose Manuel del Amo that she accepted the deal that includes a three-year suspended sentence and a hefty $7.5 million fine.

What were the charges against Shakira?

The 'Hips Don't Lie' singer faced accusations of six counts of tax fraud for allegedly failing to pay $15.8 million in income taxes between 2012 and 2014.

If found guilty, she could have faced up to eight years in jail and a fine of up to $26 million.

Shakira says she agreed to settle the case for her children

Following the trial on Monday, Shakira shared that the decision to settle the case for her children.

"While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favor, I have made the decision to finally resolve this matter with the best interest of my kids at heart who do not want to see their mom sacrifice her personal well-being in this fight," she stated.

"I need to move past the stress and emotional toll of the last several years and focus on the things I love — my kids and all the opportunities to come in my career, including my upcoming world tour and my new album, both of which I am extremely excited about."

"I admire tremendously those who have fought these injustices to the end, but for me, today, winning is getting my time back for my kids and my career," said the 46-year-old.

Shakira maintained her innocence in tax fraud case

Though Shakira agreed to settle the case, she maintained her innocence. "Throughout my career, I have always strived to do what’s right and set a positive example for others," the singer stated.

She further criticized the Spanish tax authorities, claiming they "pursued a case against me as they have against many professional athletes and other high-profile individuals, draining those people’s energy, time, and tranquility for years at a time."

According to prosecutors, Shakira's main residence was in Spain but she listed it as elsewhere in order to avoid tax payments between 2012 and 2014.

As per Spanish law, individuals spending more than six months in Spain are considered residents for tax purposes.