Richard Gates, a former business associate of Manafort, is also facing charges, which have been lodged with the US district court for the district of Columbia. They have arisen as part of a special counsel investigation into allegations that Russia was involved in covert actions to damage Hilary Clinton’s presidential election campaign in 2016, and which is looking at whether or not anyone from the Trump campaign team was involved.

According to the indictment, signed by special counsel Robert Mueller, between at least 2006 and 2015 Manafort and Gates acted as unregistered agents of the government of Ukraine and earnt ‘tens of millions of dollars’ in income as a result of their work.

The indictment sates: ‘In order to hide Ukraine payments from US authorities, from approximately 2006 through at least 2016, Manafort and Gates laundered the money through scores of US and foreign corporations, partnerships, and bank accounts.’

This included funnelling money into foreign nominee companies and bank accounts in Cyprus, Saint Vincent and the Grenadines, and the Seychelles. Manafort and Gates are charged with hiding the existence of these companies and accounts, falsely and repeatedly reporting to their tax preparers and to the US that they had no foreign bank accounts.

Manafort stands accused of spending millions of dollars on luxury goods and services for himself and his extended family, and of using the cash to buy multi-million dollar properties which were then used as collateral for loans.

For example, the indictment alleges that Manafort brought an apartment in Manhattan in 2012 for $2.85m with funds from his undeclared overseas accounts. In 2015 and 2016 he used the flat as an income-generating rental property, charging thousands of dollars a week on Airbnb and other listings. In his tax returns, Manafort took advantage of the beneficial tax consequences of owning this property.

Gates is alleged to have aided Manafort in obtaining money from the various offshore accounts, which he was instrumental in opening. He also used the cash to pay for his personal expenses, including his mortgage, children’s’ tuition and interior decorating at his home in Virginia.

In total, the indictment claims more than $75m flowed through the offshore accounts, with Manafort accused of laundering more than $18m and Gates transferring $3m to other accounts he controlled.

The indictment states: ‘As part of the scheme, Manafort and Gates repeatedly provided false information to financial bookkeepers, tax accountants and legal counsel, among others.’

Manafort and Gates have both pleaded not guilty to money laundering, tax evasion, failure to register as agents for foreign interests and conspiracy to defraud the US government.

A federal judge has ordered Manafort and Gates to be confined at home and set bail at $10m for Manafort and $5m for Gates.  Neither man has so far made a public statement about the charges against them.

United States of America v Paul J Manafort Jnr and Richard W Gates III is here.

Report by Pat Sweet