GENEVA/CANBERRA - Companies put $221 billion into countries with low tax last year, chiefly Luxembourg and the Netherlands, while $72 billion of investment went into two British tax havens - the British Virgin Islands and Cayman Islands, the UN said on Tuesday.

However, they took billions out of Luxembourg and the Netherlands in the final quarter of 2015 after the two countries imposed new EU rules to crack down on abusive tax practices.

The flows into the British Virgin Islands and the Caymans were roughly in line with historical averages but their source has shifted from rich to developing countries in recent years, the UN thinktank UNCTAD's report said. From 2010 to 2014, Hong Kong, the United States, Russia and China were the top four sources.

British Prime Minister David Cameron has come under increasing pressure in the last few months to tackle tax evasion after leaked documents from a Panamanian law company exposed how the world's rich and powerful used secretive offshore company structures to stash their wealth.  Companies shuffling money between jurisdictions to save on tax remained "a key concern for policy makers", the UN report said, noting that firms from a sample of 26 developed countries registered more profits in Bermuda than in China in 2014.

The report said companies' "special purpose entities" (SPEs) were typically subsidiaries that had little connection to the local economy but held assets or liabilities or raised capital. Quarterly flows to the SPEs in the Netherlands reached $148 billion in the third quarter, the highest since 2007, driven by investment from Luxembourg and Britain, but then sharply reversed.

Flows to Luxembourg, associated with funds financing investments in the United States, surged in the first three quarters of 2015, triple on the same months of 2014, but turned negative with a net divestment of $115 billion in the final quarter.

"The tight interrelation between SPE flows in Luxembourg and the Netherlands highlights the existence of dense and complex networks of these entities in both countries, with capital flowing rapidly among them in response to financing needs and tax planning considerations," the report said.

Meanwhile, Iceland's First Lady Dorrit Moussaieff has reportedly been named among clients of British bank HSBC with holdings in tax havens, the media outlets behind the Panama Papers and other leaks revealed Tuesday. The International Consortium of Investigative Journalists (ICIJ) found Moussaieff's name in the "Swiss Leaks" list of more than 100,000 HSBC clients with offshore holdings, Britain's The Guardian newspaper, which is part of the consortium, reported.

The Swiss Leaks documents were revealed in 2015 - about a year before the Panama Papers trove of leaked documents showing the vast extent of global tax evasion. Moussaieff's presence on the list had not been previously reported.  The British-Israeli wife of President Olafur Ragnar Grimsson is an heiress of the Moussaieff jewellery dynasty. When the media first revealed on April 25 that her family had holdings in the British Virgin Islands, the office of the Icelandic president said the first lady was unaware of any such assets. But according to The Guardian, "leaked bank files show Iceland's first lady listed as one of three Moussaieff family members who jointly owned a company in the British Virgin Islands called Jaywick Properties Inc."

Moreover, Australia on Tuesday unveiled a further push to crack down on tax avoidance by multinational companies, imposing a 40 percent penalty rate on firms that shift profits offshore.

The revenue-raising measure, which is similar to the so-called "Google Tax" introduced by Britain last year, was a key part of the nation's annual budget. It is forecast to raise Aus$3.9 billion (US$2.95 billion) over the next four years when combined with a broader tax avoidance package.

Argentina's President Mauricio Macri said Tuesday he was willing to cooperate with a court investigating his alleged links to offshore companies named in the Panama Papers tax evasion revelations. A judge on Monday sent requests to Panama and the Bahamas on Monday for evidence of Macri's role in companies registered in those territories, a judicial source said.

The conservative president, 57, was one of the most senior figures implicated in the worldwide Panama Papers leaks, just four months after he took office.

The court is investigating whether Macri deliberately withheld relevant information about his role in two offshore firms - a tax offense punishable by two years in jail.

He has said he has "nothing to hide."

"I am available to the judge to provide the information," Macri told a news conference on Tuesday.

"Let the courts act with independence and precision."

The judge on Monday asked authorities in Panama and the Bahamas to confirm whether the two offshore companies, Fleg Trading LTD and Kagemusha, had bank accounts in Macri's name.

Separately on Monday, judicial sources said the courts were investigating fresh allegations against Macri's leftist predecessor, Cristina Kirchner, and her son.

The case, brought by Kirchner's rivals, targets alleged irregularities in the running of a real estate company owned by her family.

Kirchner was already under investigation over suspect dollar transactions by her government. She alleged that case was politically motivated.