US President Donald Trump’s troubled charity foundation has agreed to close down amid allegations that he and others illegally misused its funds.

The move was announced by the attorney general of New York State, Barbara Underwood, who will supervise the distribution of its remaining monies.

She has accused Mr Trump and his three eldest children of using it for private and political gain.

The case against them would continue, she said.

Mrs Underwood said in a statement that there had been “a shocking pattern of illegality involving the Trump Foundation – including unlawful co-ordination with the Trump presidential campaign, repeated and wilful self-dealing, and much more”.

She continued: “This amounted to the Trump Foundation functioning as little more than a chequebook to serve Mr Trump’s business and political interests.”

Under the terms of the deal to shut down the foundation, Ms Underwood said, it could only be dissolved under judicial supervision and could only distribute its assets “to reputable organisations approved by my office”.

She added: “This is an important victory for the rule of law, making clear that there is one set of rules for everyone.

“We’ll continue to move our suit forward to ensure that the Trump Foundation and its directors are held to account for their clear and repeated violations of state and federal law.”

Mr Trump and his eldest children have yet to comment.