Trump's claim began to unravel early this month, however, after Rudy Giuliani, a new member of the president's legal team, said Trump had reimbursed Cohen for the sum paid to Daniels - and the president himself subsequently acknowledged the repayment.
On Wednesday, he told CNN that the financial disclosure form Trump's required to send to the Office of Government Ethics was the reason he went public with the news. Cohen's recently revealed financial records confirm that no payment was made by al-Rumaihi or any companies connected to him.
Mr Trump previously denied knowing of the $130,000 payment to Stormy Daniels.
The president was not obliged to mention the payment, but made a decision to do so "in the interest of transparency".
"I am providing both reports to you because you may find the disclosure relevant to any inquiry you may be pursuing", David Apol, acting director of the Office of Government Ethics, wrote to deputy attorney general Rod Rosenstein.
Apol told Deputy Attorney General Rod Rosenstein that he was providing both Trump's 2017 and 2018 disclosures, as potentially "relevant to any inquiry" the Justice Department may be pursuing into the president's filings from previous year.
"It is good that in the face of overwhelming evidence and public pressure, the president came clean about this liability on this year's form", said CREW's Noah Bookbinder. "It appears that these funds may have replenished the account following the payment to Ms. Clifford", read a summary of findings from Avenatti and Associates.
Mr Cohen, whose records relating to the settlement were seized in an FBI raid last month, is now reportedly under criminal investigation.
Trump's Lawyer Michael Cohen Reportedly Asked Qatari Government for $1M in 2016
While the disclosure did not specify the objective of the payment, Mr Cohen has said he paid $130,000 dollars (€109,967) ) to Ms Daniels in the weeks before the 2016 presidential election to keep her from going public about her allegations that she had sex with the married Mr Trump in 2006. Trump and Giuliani have clashed over what the president knew and when he knew it. "We've gotten assurances that we're not involved in it", Giuliani told "The Ingraham Angle" on Fox News.
Mr Trump has at least $315 million in debt, about the same as he reported a year ago.
The panel's assessment contradicts a conclusion in March by the House Intelligence Committee rejecting allegations that the Kremlin had aimed to boost the Republican candidate's chances.
Mr. Trump's golf clubs also had substantial revenue: his golf club in Jupiter, Florida made $14 million, while Bedminster brought in $15 million.
The president even collected pensions, including $64,804 from the Screen Actors Guild.
The disclosure also provides a glimpse at the financial state of the president's businesses whose daily operations are now being handled by his family.
His Washington hotel in a former Post Office building brought in more than $40m in 2017, its first full year in operation.
Trump's income from the Trump International Hotel in Washington, which has come under scrutiny for being a top choice for foreign dignitaries, almost doubled, from about $20 million in the 2016 report to just over $40 million past year.