11:18 AM PT -- Both Manafort and Gates have pled not guilty to the charges.

6:10 AM PT -- Manafort has been indicted for laundering more than $18 million through foreign banks which was used to fuel his lavish lifestyle. Gates was also indicted for laundering more than $3 million. They're accused of falsely reporting that they had no foreign bank accounts. The indictment says Manafort hid the payments for 10 years.

Manafort is also accused of failing to pay federal taxes on the money in question.

Manafort was indicted on 12 federal charges.

Paul Manafort and his business associate are in the process of surrendering to federal authorities ... both recipients of the first indictments by Special Counsel Robert Mueller.

Manafort has been under Mueller's microscope for alleged money laundering, tax law violations, and failure to disclose his foreign lobbying.

Manafort, who was Trump's chief strategist and chairman of his Presidential campaign, had his house raided by the FBI this past summer.

Manafort's protege, Rick Gates, is also getting indicted.

The charges have not been disclosed but that should happen when the indictment is unsealed ... presumably soon.