white smoke/black smoke does sound like a fuel delivery issue. (I agree with maurice mynah) - I would double check your fuel filter and make sure its a genuine volvo one.
I had no end of issues with my engine and after a long time found out my in tank fuel pump was failing, the clue was the fuel filter was out of shape (vacuum). A sticky vaned turbo is a good shout too.
As you are after suggestions, I just thought I would throw it in the mix for your consideration, its not a diagnosis.
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Current Volvo:
XC90 D5 2014 120K miles. Running lovely on clean green Biodiesel
Previous volvo:
V70 D5 2009 - T5 convertible - V40 1.8 - 343GL - the one with the elastic band transmission!
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