'For my kids': Shakira settles tax fraud case after facing prospect of 8 years in jail if found guilty

BARCELONA, SPAIN: 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 , 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.