Donald Trump has come under fire from Democrats and New York’s attorney general after announcing he will dissolve his charitable foundation to avoid conflicts of interest.

The Trump Foundation emerged as a major source of controversy during the campaign following reports that Mr Trump used foundation money to settle legal disputes relating to his business and to purchase two large portraits of himself along with other items unrelated to the charity.

An investigation is underway in New York to determine if the funds were used improperly, and a spokeswoman for the state’s attorney general has said the foundation cannot simply shut down overnight.

"The Trump Foundation is still under investigation by this office and cannot legally dissolve until that investigation is complete,” Amy Spitalnick, the spokeswoman, said in a statement.

The Democratic National Committee criticised Mr Trump’s announcement, with a spokesman calling it "a wilted fig leaf to cover up his remaining conflicts of interest and his pitiful record of charitable giving."