Donald Trump says his decision to shut down his charity foundation is to avoid 'any conflict with the role of president' - but he won't be able to legally end it while it remains under investigation

Donald Trump has pledged to shut down his charitable foundation to avoid conflicts of interest - but won't be able to do so until the organization is no longer under investigation by New York's attorney general.

The president-elect said in a statement Saturday he would dissolve the Donald J Trump Foundation and had directed his counsel to take necessary steps. The attorney general's office, however, fired back with a statement saying that wouldn't be legally possible for the time being.

New York Attorney General Eric Schneiderman's office has been investigating the charity following media reports that foundation spending went to benefit Trump's campaign.

The Democratic Party meanwhile said shutting down the Trump Foundation is not enough and is calling for the billionaire businessman to put his assets in a blind trust - echoing the criticism Trump has received over upcoming conflicts of interest.

'I will be devoting so much time and energy to the presidency and solving the many problems facing our country and the world. I don't want to allow good work to be associated with a possible conflict of interest,' Trump said in a statement.

The president-elect said he would pursue philanthropic efforts in other ways, but he didn't elaborate on how he'd do so.

But the foundation 'cannot legally dissolve' until the investigation is complete, attorney general press secretary Amy Spitalnick said Saturday.