The Grammy-winning singer admitted the charges against her and agreed to pay the amount owed in full and an additional fine, according to a statement released by the Barcelona prosecutor’s office on Monday afternoon as reported by CNN.

She paid a total of €17.5 million ($19 million), an amount composed of the taxes she owed plus interest, as well as a fine of €7.3 million ($8 million), the statement said.

Prosecutors had asked for a sentence of more than eight years in prison in case the Colombian singer was convicted in all six counts of tax fraud.

But the settlement said that, instead of prison, she would pay additional fines of about $437 a day for a three-year sentence, or just over $470,000, reported CNN.

Shakira has repeatedly denied wrongdoings.

In a lengthy statement, she said her children "do not want to see their mom sacrifice her personal well-being in this fight", reported BBC.

"Throughout my career, I have always strived to do what's right and set a positive example for others," she said.

"Unfortunately, and despite these efforts, tax authorities in Spain pursued a case against me as they have against many professional athletes and other high-profile individuals, draining those people's energy, time, and tranquillity for years at a time," she was quoted as saying in the statement by BBC.

"While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favour, 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.