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Trump Foundation admits to violating financial regulations

Xinhua, November 23, 2016 Adjust font size:

The Trump Foundation has admitted that it had violated a ban on "self-dealing" in a report to the Internal Revenue Service(IRS), local media reported Tuesday.

In its tax filings for 2015, the foundation said it had transferred "income or assets to a disqualified person," which according to regulations, may mean the president-elect, his family members, or his businesses.

The filing was posted online by tracking site Guidestar.

The tax filing also said "self-dealing" was also practiced in previous years.

U.S. law dictates that charitable organizations may not use its funds to help the organization's founder, their business or their family members. The consequence of such actions include penalties.

Kellyanne Conway, a top aide to Trump, said Monday that she is "very confident" that Trump is not breaking any laws.

Nevertheless, Trump is seen eager to put any legal or financial disputes behind him to avoid risking his tenure.

Trump agreed on Friday to settle a protracted law suit in which his Trump University, a for-profit education institution, was sued for fraud, paying 25 million U.S. dollars in compensation and penalty. Enditem