It could just be that the float needle isn't seating properly. The really old Amal Concentrics had little solid white plastic needles that created such problems. They were really just too light to do the job of sealing properly. Most were replaced by owners with improved and heavier brass viton-tipped needles. What the modern Concentrics have I cannot say. None of mine were made since Nixon was President. Suggest you pull off the float bowl and really clean that float needle area out with carb cleaner and maybe compressed air, and then with the bowl still off, reassemble the float and needle and check for absolutely smooth operation and full seating of the needle. If you have a tickler extension installed, make sure it isn't pressing onto the float when at rest. Some extension kits need to have the part down within the bowl kind of "flared" and pressed back flush against the upper housing. Make sure that it's not too far down and holding down the float. Also make sure it operates freely.
If it is a more complicated float/needle issue, and simple cleaning and reassembly doesn't sort it out,
this might really help. And more generally speaking, unless you're rehabbing some 1913 Snordley or some such vintage exotica, chances are whatever type of Amal you're using,
you'll find something useful about it here.
By the way, when Ace writes,
"Another possibility for smoke might be if the crankcase breather hose is attached into the air filter housing. If so, remove it," this pertains to an entirely different kettle of foul-smelling fish that afflicted my own '05 "Military" when I first got it, known as the
Crankcase Breather Oil Sploodges. I doubt it is the culprit in your case in this particular instance, but it is a common enough woe amongst the youngest of the "Iron Belly" generation made after about 2004, that if you still spot one of these silly-ass "crankcase breather catch cans" down under your saddle and behind the battery, you would do well to begin taking measures to yank it out and punt that thing into the hedges in favor of something called a "KrankVent" or similar,
as described here. However, seeing as your 2005 is already sporting so much high end gear, and running with a non-standard air filter and all, I would doubt they'd have allowed such a useless gurken with known issues as that breather catch can system to just remain in place like a toilet on the lawn.
If you see one of these, yank it out and kick it...Kick it HARD!