Shakira Settles Spanish Tax Fraud Case ‘with the Best Interest of My Kids at Heart’

The singer, who was facing the prospect of up to eight years in jail if found guilty, reached a deal with Spanish prosecutors on Monday to pay a $7.5 million fine

Shakira has agreed to a settlement in her multi million dollar tax dispute with Spanish authorities.

In the first day of her tax fraud trial in Barcelona on Monday, the “Hips Don’t Lie” singer told presiding magistrate José Manuel del Amo that she accepted the agreement, according to multiple outlets including the BBC, The New York Times and the Associated Press.

With her deal comes a three-year suspended sentence and a $7.5 million fine. The Colombian songstress had been accused by prosecutors of six counts of tax fraud for failing to pay 14.5 million euro ($15.8 million) in income taxes between 2012 and 2014, charges she continues to deny. She was facing the prospect of up to eight years in jail and a fine of up to $26 million if found guilty.

In a lengthy statement obtained by PEOPLE, the 46-year-old said that she had settled the case for the sake of 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 said.