Pop star Shakira agreed to a deal on Monday with Spanish prosecutors, avoiding a trial in a case that accused her of tax evasion.

The settlement carries heavy fines -- totalling about 7.3 million euros, or about $8 million -- but spares the singer jail time with a three-year suspended sentence, according to court documents reviewed by ABC News.

Spanish prosecutors accused Shakira, who is Colombian, of tax evasion in December 2018, claiming she failed to pay more than 14.5 million euros -- about $14.4 million -- for the years 2012 to 2014.

The judge read the deal aloud in a Barcelona courtroom on Monday, the day the trial was set to begin. Shakira agreed verbally to the deal.

In a statement released following her court appearance, Shakira said she had "always strived to do what's right and set a positive example for others."

She added that the had sought the "advice of the world's preeminent tax authorities."

But Spanish prosecutors still pursued the case against her, she said, "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 added, "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."

The singer-songwriter performed on Thursday at the Latin Grammys in Seville, Spain.

ABC News' Carson Blackwelder, Hayley FitzPatrick and Angeline Jane Bernabe contributed to this report.