Story highlights The foundation has been the subject of much criticism

The foundation is under investigation by the New York State Attorney General's office

West Palm Beach, Florida (CNN) President-elect Donald Trump said Saturday he will dissolve the Trump Foundation, the charitable foundation in his name, as part of efforts to untangle himself of conflicts of interest in the weeks before he is sworn into office.

Trump said in a statement he was dismantling the foundation "to avoid even the appearance of any conflict with my role as President." He has also said recently that he will announce steps next month to separate himself from his business, the Trump Organization, to avoid conflicts of interest as president of the United States, even though he has repeatedly suggested such steps are unnecessary.

Trump's decision suggests the President-elect is prepared to take some steps to avoid potential conflicts of interest, but offers little indication into whether he will employ a similar approach to the multi-billion-dollar company he has spent decades building.

Trump on Saturday touted the money the foundation has donated over the years to veterans, law enforcement and children's groups and said that he intends to pursue his "strong interest in philanthropy in other ways," though he had not donated to the foundation since 2008, according to the foundation's tax records.

On Monday night Trump continued to defend his philanthropic efforts, over Twitter.